Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 21, 2014 | Jun. 30, 2013 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'METABOLIX, INC. | ' | ' |
Entity Central Index Key | '0001121702 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | ' | $34,313,662 |
Entity Common Stock, Shares Outstanding | ' | 34,889,055 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $7,698 | $14,572 |
Short-term investments | 11,511 | 29,201 |
Inventory | 4,074 | 3,204 |
Accounts receivable | 997 | 839 |
Due from related parties | 51 | 75 |
Unbilled receivables | 187 | 372 |
Prepaid expenses and other current assets | 713 | 692 |
Total current assets | 25,231 | 48,955 |
Restricted cash | 619 | 594 |
Property and equipment, net | 793 | 1,358 |
Long-term investments | ' | 2,508 |
Other assets | 95 | 95 |
Total assets | 26,738 | 53,510 |
Current Liabilities: | ' | ' |
Accounts payable | 579 | 1,233 |
Accrued expenses | 4,892 | 3,519 |
Current portion of deferred rent | 55 | 165 |
Short-term deferred revenue | 669 | 1,067 |
Total current liabilities | 6,195 | 5,984 |
Deferred rent, net of current portion | ' | 55 |
Other long-term liabilities | 145 | 131 |
Total liabilities | 6,340 | 6,170 |
Commitments and contingencies (Note 9) | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock ($0.01 par value per share); 5,000,000 shares authorized; no shares issued or outstanding | ' | ' |
Common stock ($0.01 par value per share); 100,000,000 shares authorized at December 31, 2013 and 2012, 34,581,449 and 34,306,570 shares issued and outstanding at December 31, 2013 and 2012, respectively | 346 | 343 |
Additional paid-in capital | 292,661 | 289,050 |
Accumulated other comprehensive loss | -71 | -21 |
Accumulated deficit | -272,538 | -242,032 |
Total stockholders' equity | 20,398 | 47,340 |
Total liabilities and stockholders' equity | $26,738 | $53,510 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED BALANCE SHEETS | ' | ' |
Preferred stock, par value per share (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 34,581,449 | 34,306,570 |
Common stock, shares outstanding | 34,581,449 | 34,306,570 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue: | ' | ' | ' |
Revenue from termination of ADM collaboration | ' | $38,885 | ' |
Product revenue | 2,067 | 1,211 | ' |
Grant revenue | 2,490 | 1,971 | 918 |
Research and development revenue | 618 | ' | ' |
License fee and royalty revenue | 219 | 249 | 507 |
Total revenue | 5,394 | 42,316 | 1,425 |
Costs and expenses: | ' | ' | ' |
Cost of product revenue | 3,026 | 1,426 | ' |
Research and development | 19,127 | 23,177 | 24,445 |
Selling, general, and administrative | 13,743 | 14,110 | 15,841 |
Total costs and expenses | 35,896 | 38,713 | 40,286 |
Income (loss) from operations | -30,502 | 3,603 | -38,861 |
Other income (net): | ' | ' | ' |
Interest income, net | 51 | 124 | 156 |
Other expense, net | -55 | -97 | -80 |
Total other income (expense), net | -4 | 27 | 76 |
Net income (loss) | ($30,506) | $3,630 | ($38,785) |
Net income (loss) per share: | ' | ' | ' |
Basic (in dollars per share) | ($0.88) | $0.11 | ($1.24) |
Diluted (in dollars per share) | ($0.88) | $0.11 | ($1.24) |
Number of shares used in per share calculations: | ' | ' | ' |
Basic (in shares) | 34,471,301 | 34,217,298 | 31,257,376 |
Diluted (in shares) | 34,471,301 | 34,279,779 | 31,257,376 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' |
Net income (loss): | ($30,506) | $3,630 | ($38,785) |
Other comprehensive income (loss) | ' | ' | ' |
Change in unrealized gain (loss) on investments | -12 | -3 | 20 |
Change in foreign currency translation adjustment | -38 | -6 | -17 |
Total other comprehensive income (loss) | -50 | -9 | 3 |
Comprehensive income (loss) | ($30,556) | $3,621 | ($38,782) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income (loss) | ($30,506) | $3,630 | ($38,785) |
Adjustments to reconcile net income (loss) to cash used in operating activities: | ' | ' | ' |
Depreciation | 928 | 1,298 | 1,507 |
Charge for 401(k) company common stock match | 397 | 408 | 529 |
Stock-based compensation | 3,193 | 3,807 | 4,633 |
Inventory impairment | 818 | 138 | ' |
Changes in operating assets and liabilities: | ' | ' | ' |
Inventory | -1,688 | -3,342 | ' |
Accounts receivable | -158 | -693 | -146 |
Unbilled receivable | 185 | -68 | -296 |
Due from related parties | 24 | 236 | -71 |
Prepaid expenses and other assets | -21 | 108 | 68 |
Accounts payable | -654 | 721 | 273 |
Accrued expenses | 1,383 | -34 | -623 |
Deferred rent and long-term liabilities | -151 | -154 | -153 |
Deferred revenue | -398 | -37,791 | 1,333 |
Net cash used in operating activities | -26,648 | -31,736 | -31,731 |
Cash flows from investing activities | ' | ' | ' |
Purchase of property and equipment | -373 | -392 | -895 |
Proceeds from sale of equipment | ' | 12 | ' |
Change in restricted cash | -25 | 28 | ' |
Purchase of investments | -16,635 | -58,933 | -107,477 |
Proceeds from sale and maturity of short-term investments | 36,821 | 84,303 | 99,464 |
Net cash provided by (used in) investing activities | 19,788 | 25,018 | -8,908 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from options exercised | 14 | 19 | 74 |
Proceeds from public stock offering, net of issuance costs | ' | ' | 49,333 |
Net cash provided by financing activities | 14 | 19 | 49,407 |
Effect of exchange rate changes on cash and cash equivalents | -28 | -6 | -17 |
Net increase (decrease) in cash and cash equivalents | -6,874 | -6,705 | 8,751 |
Cash and cash equivalents at beginning of period | 14,572 | 21,277 | 12,526 |
Cash and cash equivalents at end of period | $7,698 | $14,572 | $21,277 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-In Capital | Accumulated other Comprehensive Income (loss) | Accumulated Deficit |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Dec. 31, 2010 | $23,676 | $269 | $230,299 | ($15) | ($206,877) |
Balance (in shares) at Dec. 31, 2010 | ' | 26,895,389 | ' | ' | ' |
Increase (decrease) in stockholders' equity | ' | ' | ' | ' | ' |
Exercise of common stock options | 74 | ' | 74 | ' | ' |
Exercise of common stock options (in shares) | ' | 21,851 | ' | ' | ' |
Non-cash stock-based compensation expense | 4,633 | ' | 4,633 | ' | ' |
Issuance of common stock for 401k match | 529 | 1 | 528 | ' | ' |
Issuance of common stock for 401k match (in shares) | 68,558 | 68,558 | ' | ' | ' |
Issuance of common stock upon public offering, net of offering costs of $2,360 | 49,333 | 71 | 49,262 | ' | ' |
Issuance of common stock upon public offering, net of offering costs of $2,360 (in shares) | ' | 7,130,000 | ' | ' | ' |
Change in unrealized gain (loss) on investments | 20 | ' | ' | 20 | ' |
Effect of foreign currency translation | -17 | ' | ' | -17 | ' |
Net income (loss) | -38,785 | ' | ' | ' | -38,785 |
Balance at Dec. 31, 2011 | 39,463 | 341 | 284,796 | -12 | -245,662 |
Balance (in shares) at Dec. 31, 2011 | ' | 34,115,798 | ' | ' | ' |
Increase (decrease) in stockholders' equity | ' | ' | ' | ' | ' |
Exercise of common stock options | 19 | ' | 19 | ' | ' |
Exercise of common stock options (in shares) | ' | 11,436 | ' | ' | ' |
Non-cash stock-based compensation expense | 3,807 | ' | 3,807 | ' | ' |
Issuance of common stock for 401k match | 430 | 2 | 428 | ' | ' |
Issuance of common stock for 401k match (in shares) | 179,336 | 179,336 | ' | ' | ' |
Change in unrealized gain (loss) on investments | -3 | ' | ' | -3 | ' |
Effect of foreign currency translation | -6 | ' | ' | -6 | ' |
Net income (loss) | 3,630 | ' | ' | ' | 3,630 |
Balance at Dec. 31, 2012 | 47,340 | 343 | 289,050 | -21 | -242,032 |
Balance (in shares) at Dec. 31, 2012 | 34,306,570 | 34,306,570 | ' | ' | ' |
Increase (decrease) in stockholders' equity | ' | ' | ' | ' | ' |
Exercise of common stock options | 14 | ' | 14 | ' | ' |
Exercise of common stock options (in shares) | ' | 7,550 | ' | ' | ' |
Non-cash stock-based compensation expense | 3,193 | ' | 3,193 | ' | ' |
Issuance of common stock for 401k match | 407 | 3 | 404 | ' | ' |
Issuance of common stock for 401k match (in shares) | 267,329 | 267,329 | ' | ' | ' |
Change in unrealized gain (loss) on investments | -12 | ' | ' | -12 | ' |
Effect of foreign currency translation | -38 | ' | ' | -38 | ' |
Net income (loss) | -30,506 | ' | ' | ' | -30,506 |
Balance at Dec. 31, 2013 | $20,398 | $346 | $292,661 | ($71) | ($272,538) |
Balance (in shares) at Dec. 31, 2013 | 34,581,449 | 34,581,449 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY | ' |
Issuance of common stock upon public offering, offering costs | $2,360 |
Nature_of_Business
Nature of Business | 12 Months Ended |
Dec. 31, 2013 | |
Nature of Business | ' |
Nature of Business | ' |
1. Nature of Business | |
Metabolix, Inc. (the "Company") is an innovation-driven bioscience company which is focused on delivering sustainable solutions to the plastics and chemicals industries. The Company has core capabilities in microbial genetics, fermentation process engineering, chemical engineering, polymer science, plant genetics and botanical science, and has assembled these capabilities in a way that has allowed the integration of biotechnology with chemical engineering and industrial practice. The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, development by the Company's competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, the need to obtain additional funding, and compliance with government regulations. | |
The accompanying consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. However, with the exception of 2012, when the Company recognized $38,885 of deferred revenue from the terminated Telles joint venture, it has recorded losses since its inception, including its fiscal year ended December 31, 2013. As of December 31, 2013, the Company held unrestricted cash, cash equivalents and investments of $19,209. The Company's present capital resources are not sufficient to fund its planned operations for a twelve month period, and therefore, raise substantial doubt about its ability to continue as a going concern. The Company will, during 2014, require significant additional funding to continue its operations. Based on current plans and projections, which remain subject to numerous uncertainties, the Company anticipates raising additional funds over the next 12-15 months. The timing, structure and vehicles for obtaining this level of financing are under consideration by the Company and may be accomplished in stages. The Company's goal, however, is to use this capital to build an intermediate scale specialty materials business based on PHA additives that serves as the foundation for its longer range plans and future growth of its biopolymers business. Failure to receive additional funding will force the Company to delay, scale back or otherwise modify its business and its manufacturing plans, its sales and marketing efforts, research and development activities and other operations, and/or seek strategic alternatives. The consolidated financial statements do not include any adjustments that may result from the outcome of these uncertainties. The Company believes that its existing resources and the cash to be generated from existing grants and expected product sales will be sufficient to meet its projected operating requirements into the third quarter of 2014. However, any significant costs incurred to establish a commercial biopolymer manufacturing facility will shorten this liquidity horizon. The Company continues to face significant challenges and uncertainties and, as a result, its available capital resources may be consumed more rapidly than currently expected due to (a) lower than expected sales of its biopolymer products as a result of slow market adoption; (b) increases in capital costs and operating expenses related to the establishment and start-up of commercial manufacturing operations either on its own or with third parties; (c) changes the Company may make to the business that affect ongoing operating expenses; (d) changes the Company may make to its business strategy; (e) changes in the Company's research and development spending plans; and (f) other items affecting the Company's forecasted level of expenditures and use of cash resources. In any event, the Company will, during 2014, require significant additional financing to continue to fund its operations and to support its capital needs. Management of the Company will attempt to obtain additional funding through public or private financing, collaborative arrangements with strategic partners, or through additional credit lines or other debt financing sources. However, there is uncertainty regarding whether the Company can successfully execute these actions, and it can provide no assurance that it will. Furthermore, if the Company issues equity or debt securities to raise additional funds, its existing stockholders may experience dilution, and the new equity or debt securities may have rights, preferences and privileges senior to those of the Company's existing stockholders. If the Company raises additional funds through collaboration, licensing or other similar arrangements, it may be necessary to relinquish valuable rights to its potential products or proprietary technologies, or grant licenses on terms that are not favorable to the Company. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
2. Summary of Significant Accounting Policies | |||||||||||
Principles of Consolidation | |||||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions were eliminated, including transactions with Metabolix GmbH, the Company's wholly-owned subsidiary that became operational in Germany during early 2013. Telles, LLC ("Telles"), the Company's former joint venture with Archer Daniels Midland Company ("ADM") that terminated in early 2012, was not consolidated by the Company. | |||||||||||
Use of Estimates | |||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |||||||||||
Cash and Cash Equivalents | |||||||||||
The Company considers all highly liquid investments purchased with an original maturity date of ninety days or less at the date of purchase to be cash equivalents. | |||||||||||
Investments | |||||||||||
The Company considers all highly liquid investments purchased with an original maturity date of ninety days or less at the date of purchase to be cash equivalents, and all investments purchased with an original maturity date of ninety days or more at the date of purchase and a maturity date of one year or less at the balance sheet date to be short-term investments. All other investments are classified as long-term. At December 31, 2013 and December 31, 2012, investments consisted of U.S. Treasury securities and debt securities of the U.S. government. All investments were classified as available for sale as of December 31, 2013 and 2012. See Note 5 for further discussion on investments. | |||||||||||
Unrealized gains and temporary losses on investments are included in accumulated other comprehensive income (loss) as a separate component of stockholders' equity. Realized gains and losses, dividends, interest income and declines in value judged to be other-than-temporary credit losses are included in other income (expense). Any premium or discount arising at purchase is amortized and/or accreted to interest income. | |||||||||||
Restricted Cash | |||||||||||
The Company had restricted cash in the amount of $619 and $594 at December 31, 2013 and 2012, respectively. At December 31, 2013, restricted cash consisted of $494 held in connection with the lease agreement for the Company's Cambridge, Massachusetts facility and $125 held in connection with the Company's corporate credit card programs. At December 31, 2012, restricted cash consisted of $494 held in connection with the lease agreement for the Company's Cambridge, Massachusetts facility and $100 held in connection with the Company's corporate credit card program. | |||||||||||
Foreign Currency Translation | |||||||||||
Foreign denominated assets and liabilities of the Company's wholly-owned foreign subsidiaries are translated into U.S. dollars at the prevailing exchange rates in effect on the balance sheet date. Revenues and expenses are translated at average exchange rates prevailing during the period. Any resulting translation gains or losses are recorded in the accumulated other comprehensive income (loss) in the consolidated balance sheet. | |||||||||||
Comprehensive Income (Loss) | |||||||||||
Comprehensive income (loss) is comprised of net income (loss) and certain changes in stockholders' equity that are excluded from net income (loss). The Company includes unrealized gains and losses on marketable securities and foreign currency translation adjustments in other comprehensive income (loss). | |||||||||||
Concentration of Credit Risk | |||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash and cash equivalents and short-term investments. The Company primarily invests its excess cash and cash equivalents in money market funds, corporate debt, federal agency notes and U.S. Treasury notes. Investments are acquired in accordance with the Company's investment policy which establishes a concentration limit per issuer. | |||||||||||
The Company provides credit to customers in the normal course of business. The Company performs ongoing credit evaluations of its customers' financial condition and limits the amount of credit extended when deemed necessary. At December 31, 2013, the Company's worldwide accounts and unbilled receivables include $552 or 46% from government grants and $528 or 44% from customer product sales. At December 31, 2013, the Company's REFABB grant with the Department of Energy represented 56% of billed and unbilled receivables from government grants and no single product customer represented more than 23% of total product receivables. At December 31, 2012, the Company's worldwide accounts and unbilled receivables included $561 or 46% from government grants and $535 or 44% from customer product sales. At December 31, 2012, one customer represented 41% of accounts receivable due from product sales. | |||||||||||
Fair Value Measurements | |||||||||||
The carrying amounts of the Company's financial instruments as of December 31, 2013 and 2012, which include cash equivalents, investments, accounts receivable, unbilled receivables, due from related parties, accounts payable, and accrued expenses, approximate their fair values due to the short-term nature of these instruments. See Note 6 for further discussion on fair value measurements. | |||||||||||
Segment Information | |||||||||||
The accounting guidance for segment reporting establishes standards for reporting information on operating segments in annual financial statements. The Company operates in one segment, which is the business of developing and commercializing technologies for the production of polymers and chemicals in plants and in microbes. The Company's chief operating decision-maker does not manage any part of the Company separately, and the allocation of resources and assessment of performance are based on the Company's consolidated operating results. As of December 31, 2013 and 2012, less than 10% of the Company's combined total assets were located outside of the United States. In addition, the reported net income (loss) outside of the United States was less than 10% of the combined net income (loss) of the consolidated Company. | |||||||||||
Inventory | |||||||||||
The Company's adopted inventory policies are to state inventory at the lower of cost or market and to value inventory using the average cost method. The Company analyzes its inventory levels quarterly and writes down, to cost of product revenue, inventory it considers to be in excess of expected sales requirements, fails to meet commercial sales specifications or that has become obsolete. | |||||||||||
Property and Equipment | |||||||||||
Property and equipment are stated at cost less accumulated depreciation. Repairs and maintenance are charged to operations as incurred. Gains and losses on the disposition of equipment are recorded in net income or loss and the related cost and accumulated depreciation are removed from the respective accounts. Depreciation is computed using the straight-line method over the estimated useful lives as follows: | |||||||||||
Asset Description | Estimated Useful Life | ||||||||||
Equipment | 2.5 - 3 years | ||||||||||
Furniture and Fixtures | 5 | ||||||||||
Software | 3 | ||||||||||
Leasehold improvements | Shorter of useful life or term of lease | ||||||||||
The Company accounts for operating lease incentive payments received from a lessor in accordance with the accounting standard on accounting for leases. The Company records incentive payments received from its landlords as deferred rent and amortizes these amounts as reductions to lease expense over the lease term. | |||||||||||
Impairment of Long-Lived Assets | |||||||||||
The Company accounts for the impairment and disposal of long-lived assets in accordance with accounting guidance on accounting for the impairment or disposal of long-lived assets. The guidance requires that long-lived assets, such as property and equipment be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The guidance further requires that companies recognize an impairment loss only if the carrying amount of a long-lived asset is not recoverable based on its undiscounted future cash flows and measure an impairment loss as the difference between the carrying amount and fair value of the asset. | |||||||||||
Revenue Recognition | |||||||||||
The Company recognizes revenue in accordance with accounting standards on revenue recognition. Principal sources of revenue are government research grants, product sales, license fees, royalty revenues and research and development payments that are primarily derived from collaborative agreements with other companies. | |||||||||||
During March 2012, the Company initiated biopolymer product sales to customers for the first time. The Company's policy is to recognize revenue when evidence of an arrangement exists, title has passed or services have been rendered, the selling price is fixed or determinable and collectability is reasonably assured. Revenue from product sales to customers is recognized when all elements of the sale have been delivered. The Company's product return policy provides for discretion in accepting customer product returns during a period of sixty days after product delivery. Until sufficient experience is developed on which to base an estimate of product returns, the Company defers recognition of product revenue and related costs until the later of (i) the end of the sixty day period or (ii) when the customer payment has been received. The Company includes deferred cost of product revenue in inventory. As of December 31, 2013 and December 31, 2012, the Company's deferred product revenue and associated cost of product revenue are shown below: | |||||||||||
Year ended | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
Deferred product revenue | $ | 537 | $ | 786 | |||||||
Deferred cost of product revenue | $ | 476 | $ | 219 | |||||||
Fees to license the Company's proprietary and licensed technologies are recognized only after both the license period has commenced and the technology has been delivered. Royalty revenue is recognized when it becomes determinable and collectability is reasonably assured; otherwise the Company recognizes royalty revenue upon receipt of payment. | |||||||||||
The Company follows authoritative guidance on revenue recognition for multiple-element arrangements entered into or materially modified on or after January 1, 2011. The guidance amends the criteria for separating and allocating consideration in a multiple-element arrangement by modifying the fair value requirements for revenue recognition and eliminating the use of the residual method. The fair value of deliverables under the arrangement may be derived using a "best estimate of selling price" if vendor-specific objective evidence and third-party evidence is not available. Deliverables under the arrangement will be separate units of accounting, provided (i) a delivered item has value to the customer on a standalone basis; and (ii) if the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially within the Company's control. | |||||||||||
The Company recognizes funds received from contractual research and development services and from government grants as revenue. These contracts and grants are considered an ongoing major and central operation of the Company's business. For government grants, revenue is earned as research expenses related to the grants are incurred. | |||||||||||
Research and Development Expenses | |||||||||||
All costs associated with internal research and development as well as research and development services conducted for others are expensed as incurred. Research and development expenses include direct costs for salaries, employee benefits, subcontractors, facility related expenses, depreciation and stock-based compensation related to employees and non-employees involved in the Company's research and development. Costs related to revenue-producing grants are also recorded as research and development expenses. | |||||||||||
Selling, General, and Administrative Expenses | |||||||||||
The Company's selling, general and administrative expense line item includes costs for salaries, employee benefits, facilities expenses, consulting fees, travel expenses, depreciation expenses, and office related expenses incurred to support the selling and administrative operations of the Company. | |||||||||||
Intellectual Property Costs | |||||||||||
The Company includes all costs associated with the prosecution and maintenance of patents within selling, general and administrative expenses in the consolidated statement of operations. | |||||||||||
Stock-Based Compensation | |||||||||||
The Company accounts for stock-based compensation costs in accordance with the accounting standards for stock-based compensation, which require that all share-based payments to employees and members of the Board of Directors, be recognized in the statement of operations based on their fair values. Compensation cost is based on the grant-date fair value of the award, adjusted for estimated forfeitures, and is recognized on a straight-line basis over the period during which the recipient is required to provide service in exchange for the award. See Note 14 for a description of the types of stock-based awards granted, the compensation expense related to such awards and detail of equity-based awards outstanding. | |||||||||||
Basic and Diluted Net Loss per Share | |||||||||||
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding. Common stock equivalents include stock options and warrants. Diluted net loss per share is computed by dividing net income by the weighted-average number of dilutive common shares outstanding during the period. Diluted shares outstanding is calculated by adding to the weighted shares outstanding any potential (unissued) shares of common stock from outstanding stock options and warrants based on the treasury stock method. In periods when a net loss is reported, all common stock equivalents are excluded from the calculation because they would have an anti-dilutive effect, meaning the loss per share would be reduced. Therefore, in periods when a loss is reported, there is no difference in basic and dilutive loss per share. | |||||||||||
Shares used to calculate diluted earnings per share for the three years ended December 31, 2013, 2012 and 2011, respectively, are shown below: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Numerator: | |||||||||||
Net income (loss) | $ | (30,506 | ) | $ | 3,630 | $ | (38,785 | ) | |||
Denominator: | |||||||||||
Weighted average number of common shares outstanding | 34,471,301 | 34,217,298 | 31,257,376 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options | — | 62,481 | — | ||||||||
| | | | | | | | | | | |
Dilutive potential common shares | — | 62,481 | — | ||||||||
| | | | | | | | | | | |
Shares used in calculating diluted earnings per share | 34,471,301 | 34,279,779 | 31,257,376 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The number of shares of potentially dilutive common stock related to options and warrants that were excluded from the calculation of dilutive shares since the inclusion of such shares would be anti-dilutive for the years ended December 31, 2013, 2012 and 2011, respectively, are shown below: | |||||||||||
Year ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Options | 6,201,429 | 5,579,042 | 3,858,685 | ||||||||
Warrants | 4,086 | 4,086 | 4,086 | ||||||||
| | | | | | | | | | | |
Total | 6,205,515 | 5,583,128 | 3,862,771 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Income Taxes | |||||||||||
The Company follows the accounting guidance on accounting for income taxes which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided to reduce the deferred tax asset to a level which, more likely than not, will be realized. See Note 15 for further discussion of income taxes. | |||||||||||
Recent Accounting Standards Changes | |||||||||||
In July 2013, the Financial Accounting Standards Board, or FASB, issued updated accounting guidance for the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The updated guidance requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax position. In addition, unrecognized tax benefits will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by unrecognized tax benefits. The update is effective prospectively for reporting periods beginning after December 15, 2013, and early adoption is permitted. The adoption of this guidance is not expected to have an impact on the Company's consolidated financial statements. | |||||||||||
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income (ASU 2013-02). This newly issued accounting standard requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This ASU is effective for reporting periods beginning after December 15, 2012. The adoption of this standard did not have an impact on the Company's financial position or results of operations. Reclassification adjustments were insignificant for all periods presented. | |||||||||||
Reclassifications | |||||||||||
Certain amounts reported in the prior year financial statements have been reclassified for comparative purposes to conform with the presentation in the current year consolidated financial statements. | |||||||||||
Significant_Collaborations
Significant Collaborations | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Significant Collaborations | ' | ||||
Significant Collaborations | ' | ||||
3. Significant Collaborations | |||||
The Company follows the accounting guidance for collaborative arrangements which require that certain transactions between collaborators be recorded in the income statement on either a gross or net basis, depending on the characteristics of the collaboration relationship, and provides for enhanced disclosure of collaborative relationships. The Company evaluates its collaborative agreements for proper income statement classification based on the nature of the underlying activity. If payments to and from collaborative partners are not within the scope of other authoritative accounting literature, the income statement classification for the payments is based on a reasonable, rational analogy to authoritative accounting literature that is applied in a consistent manner. During the three years ended December 31, 2013, the Company had one significant collaboration arrangement with Archer Daniels Midland Company whereby the Company received payments and applied revenue recognition accounting guidance to the payments received and recorded corresponding costs as operating expenses. This arrangement ended in February 2012. | |||||
We are not currently participating in any collaborative arrangements. Our historical strategy for collaborative arrangements has been to retain substantial participation in the future economic value of our technology while receiving current cash payments to offset research and development costs and working capital needs. By their nature, our collaborative agreements have been complex, containing multiple elements covering a variety of present and future activities. | |||||
ADM Collaboration | |||||
From 2004 through 2011, the Company developed and began commercialization of its PHA biopolymers through a technology alliance and subsequent commercial alliance with ADM Polymer Corporation, a wholly-owned subsidiary of ADM, one of the largest agricultural processors in the world. The Commercial Alliance Agreement between Metabolix and ADM Polymer specified the terms and structure of the alliance. The agreement governed the activities and obligations of the parties to commercialize PHA biopolymers, which have been marketed under the brand names Mirel™ and Mvera™. These activities included the establishment of a joint venture company, Telles, LLC ("Telles"), to market and sell PHA biopolymers, the construction of a manufacturing facility capable of producing 110 million pounds of material annually (the "Commercial Manufacturing Facility"), the licensing of technology to Telles and to ADM, and the conducting of various research, development, manufacturing, sales and marketing, compounding and administrative services by the parties. | |||||
Telles was formed to: (i) serve as the commercial entity to establish and develop the commercial market for PHA biopolymers, and conduct the marketing and sales in accordance with the goals of the commercial alliance, (ii) assist in the coordination and integration of the manufacturing, compounding and marketing activities, and (iii) administer and account for financial matters on behalf of the parties. Metabolix and ADM each had a 50% ownership and voting interest in Telles. | |||||
Under the Commercial Alliance Agreement ADM was permitted, under limited circumstances, to terminate the alliance if a change in circumstances that was not reasonably within the control of ADM made the anticipated financial return from the project inadequate or too uncertain. The agreement provided that, upon termination by ADM due to a change in circumstances, Metabolix would be permitted to continue to produce and sell PHA biopolymers, and ADM would be required to perform manufacturing services for the Company for a period of time following the termination (subject to certain payment obligations to ADM). On January 9, 2012, ADM notified Metabolix that it was terminating the commercial alliance effective February 8, 2012. ADM had undertaken a strategic review of its business investments and activities and made the decision to focus resources outside of Telles. As the basis for the decision, ADM indicated to the Company that the projected financial returns from the alliance were too uncertain. | |||||
The Commercial Alliance Agreement with ADM limited the rights of both ADM and Metabolix to work with other parties or alone in developing or commercializing certain PHAs produced through fermentation. These exclusivity obligations ended upon termination of the alliance. Also, upon termination of the alliance, Metabolix intellectual property licenses to ADM Polymer and Telles ended, with Metabolix retaining all rights to its intellectual property. ADM retained its Commercial Manufacturing Facility located in Clinton, Iowa, previously used to produce PHA biopolymers for Telles. | |||||
Under the Technology Alliance and Option Agreement and Commercial Alliance Agreement, various payments were made to Metabolix by ADM as shown in the table below. All of these payments were recorded as deferred revenue on the Company's balance sheet and were expected to be recognized on a straight line basis over a period of approximately ten years in which Metabolix would fulfill its contractual obligations during the Commercial Phase of the Commercial Alliance Agreement. | |||||
Upfront payment | $ | 3,000 | |||
Milestone payments | 2,000 | ||||
Support payments | 22,050 | ||||
Cost sharing payments for pre-commercial manufacturing plant construction and operations | 11,835 | ||||
| | | | | |
Total | $ | 38,885 | |||
| | | | | |
| | | | | |
The Company had no further performance obligations in connection with the commercial alliance after its termination, and as a result, the entire $38,885 of deferred revenue was recognized by the Company during its fiscal quarter ended March 31, 2012. | |||||
After termination of the Commercial Alliance Agreement, the parties entered into a Settlement Agreement in which the parties agreed to specific terms related to the winding up and dissolution of Telles. Under this Settlement Agreement, Metabolix purchased certain assets of the joint venture for $2,982 including Telles's entire inventory, exclusive and perpetual rights to all of Telles's trademarks, and all product registrations, certifications and approvals for Telles's PHA biopolymers. Pursuant to the Settlement Agreement, ADM relinquished any claims with respect to certain co-funded equipment previously acquired by Metabolix and situated at locations other than the Clinton, Iowa Commercial Manufacturing Facility, and Metabolix and Telles waived any rights to post-termination manufacturing and fermentation services under the Commercial Alliance Agreement. | |||||
Pursuant to the Settlement Agreement, Telles paid to ADM an amount equal to the aggregate cash balances of Telles totaling $3,778 on the date of the Settlement Agreement, minus $100 retained by Telles to settle any remaining trade obligations. The remaining trade obligations of Telles at the date of execution of the Settlement Agreement did not exceed $100. In the event that ADM is required to repay to Telles or to pay to any creditor of Telles any amounts included in the $2,982 purchase price or the $3,678 distributed to ADM by Telles pursuant to the Settlement Agreement, Metabolix is obligated to reimburse ADM in an amount equal to 50% of such payments, provided that in no event would the amount to be so paid by Metabolix exceed the total of the $2,982 purchase price and the $3,678 Telles cash required to be so repaid or reimbursed by ADM. In February 2013, ADM notified the Company that Telles had been formally dissolved and that no third party creditor trade obligations had been paid. As a result, the Company believes that it is no longer contingently liable for any third party obligations stemming from its former ADM collaboration. | |||||
Inventory
Inventory | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory | ' | |||||||
Inventory | ' | |||||||
4. Inventory | ||||||||
The components of the Company's biopolymer inventories are as follows: | ||||||||
Year ended | ||||||||
December 31 | ||||||||
2013 | 2012 | |||||||
Raw materials | $ | 537 | $ | 640 | ||||
Work-in-process | — | 2 | ||||||
Finished goods | 3,537 | 2,562 | ||||||
| | | | | | | | |
Total inventory | $ | 4,074 | $ | 3,204 | ||||
| | | | | | | | |
| | | | | | | | |
Included within finished goods at December 31, 2013 and December 31, 2012, are $476 and $257, respectively, of inventory that the Company has sold and shipped to customers for which the Company has not yet recognized revenue under its product revenue recognition policy. During the years ended December 31, 2013 and 2012, the Company recorded impairment charges to cost of product revenue of $818 and $138, respectively, for raw material and finished goods inventory that it determined was unlikely to be sold or converted to future sellable product based on quality, customer demand and current sales forecasts. | ||||||||
Investments
Investments | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Investments | ' | |||||||||||||
Investments | ' | |||||||||||||
5. Investments | ||||||||||||||
Investments consist of the following: | ||||||||||||||
Unrealized | ||||||||||||||
Amortized | Market | |||||||||||||
Cost | Gain | (Loss) | Value | |||||||||||
December 31, 2013 | ||||||||||||||
Short-term investments | ||||||||||||||
Government-sponsored enterprises | $ | 11,510 | $ | 1 | $ | — | $ | 11,511 | ||||||
| | | | | | | | | | | | | | |
Total | $ | 11,510 | $ | 1 | $ | — | $ | 11,511 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
December 31, 2012 | ||||||||||||||
Short-term investments | ||||||||||||||
Government sponsored enterprises | $ | 29,189 | $ | 12 | $ | — | $ | 29,201 | ||||||
Long-term investments | ||||||||||||||
Government-sponsored enterprises | 2,507 | 1 | — | 2,508 | ||||||||||
| | | | | | | | | | | | | | |
Total | $ | 31,696 | $ | 13 | $ | — | $ | 31,709 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
The average maturity of our marketable securities available-for-sale as of December 31, 2013 and 2012 was two and four months, respectively. | ||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
6. Fair Value Measurements | ||||||||||||||
The Company has certain financial assets recorded at fair value which have been classified as Level 1or 2 within the fair value hierarchy as described in the accounting standards for fair value measurements. Fair value is the price that would be received from the sale of an asset or the price paid to transfer a liability in an orderly transaction between independent market participants at the measurement date. Fair values determined by Level 1 inputs utilize observable data such as quoted prices in active markets for identical instruments. Fair values determined by Level 2 inputs utilize data points other than quoted prices in active markets that are observable either directly or indirectly. Fair values determined by Level 3 inputs utilize unobservable data points in which there is little or no market data, which require the reporting entity to develop its own assumptions. The fair value hierarchy level is determined by the lowest level of significant input. | ||||||||||||||
The Company's financial assets classified as Level 2 have been initially valued at the transaction price and subsequently valued typically utilizing third party pricing services. Because the Company's investment portfolio may include securities that do not always trade on a daily basis, the pricing services use many observable market inputs to determine value including reportable trades, benchmark yields and benchmarking of like securities. The Company validates the prices provided by the third party pricing services by reviewing their pricing methods and obtaining market values from other pricing sources. After completing the validation procedures, the Company did not adjust or override any fair value measurements provided by these pricing services as of December 31, 2013 and 2012. | ||||||||||||||
The tables below present information about the Company's assets that are measured at fair value on a recurring basis as of December 31, 2013 and December 31, 2012 and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value. | ||||||||||||||
Fair value measurements at reporting date using | ||||||||||||||
Description | Quoted prices in | Significant other | Significant | Balance | ||||||||||
active markets for | observable inputs | unobservable | as of | |||||||||||
identical assets | (Level 2) | inputs | December 31, | |||||||||||
(Level 1) | (Level 3) | 2013 | ||||||||||||
Cash equivalents: | ||||||||||||||
Money market funds | $ | 6,332 | $ | — | $ | — | $ | 6,332 | ||||||
Short-term investments: | ||||||||||||||
Government securities | — | 11,511 | — | 11,511 | ||||||||||
| | | | | | | | | | | | | | |
Total | $ | 6,332 | $ | 11,511 | $ | — | $ | 17,843 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Fair value measurements at reporting date using | ||||||||||||||
Description | Quoted prices in | Significant other | Significant | Balance | ||||||||||
active markets for | observable inputs | unobservable | as of | |||||||||||
identical assets | (Level 2) | inputs | December 31, | |||||||||||
(Level 1) | (Level 3) | 2012 | ||||||||||||
Cash equivalents: | ||||||||||||||
Money market funds | $ | 11,157 | $ | — | $ | — | $ | 11,157 | ||||||
Government securities | — | 2,015 | — | 2,015 | ||||||||||
Short-term investments: | ||||||||||||||
Government securities | — | 29,201 | — | 29,201 | ||||||||||
Long-term investments: | ||||||||||||||
Government securities | — | 2,508 | — | 2,508 | ||||||||||
| | | | | | | | | | | | | | |
$ | 11,157 | $ | 33,724 | $ | — | $ | 44,881 | |||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Property_and_Equipment_Net
Property and Equipment, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property and Equipment, Net | ' | |||||||
Property and Equipment, Net | ' | |||||||
7. Property and Equipment, Net | ||||||||
Property and equipment consisted of the following: | ||||||||
Year ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Equipment | $ | 4,868 | $ | 5,151 | ||||
Furniture and fixtures | 227 | 227 | ||||||
Leasehold improvements | 2,652 | 2,641 | ||||||
Software | 381 | 381 | ||||||
| | | | | | | | |
Total property and equipment, at cost | 8,128 | 8,400 | ||||||
Less: Accumulated depreciation | (7,335 | ) | (7,042 | ) | ||||
| | | | | | | | |
Property and equipment, net | $ | 793 | $ | 1,358 | ||||
| | | | | | | | |
| | | | | | | | |
Depreciation expense for the years ended December 31, 2013, 2012, and 2011 was $928, $1,298 and $1,507 respectively. The Company had no equipment under capital leases as of December 31, 2013 or 2012. | ||||||||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Expenses | ' | |||||||
Accrued Expenses | ' | |||||||
8. Accrued Expenses | ||||||||
Accrued expenses consist of the following: | ||||||||
Year ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Employee compensation and benefits | $ | 2,595 | $ | 2,379 | ||||
Commercial manufacturing | 815 | 229 | ||||||
Professional services | 578 | 301 | ||||||
Other | 904 | 610 | ||||||
| | | | | | | | |
Total accrued expenses | $ | 4,892 | $ | 3,519 | ||||
| | | | | | | | |
| | | | | | | | |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies | ' | ||||
Commitments and Contingencies | ' | ||||
9. Commitments and Contingencies | |||||
Leases | |||||
The Company rents its facilities under operating leases, which expire through May 2020. Rental payments under operating leases for the years ended December 31, 2013, 2012 and 2011 were $1,662, $1,814 and $1,808, respectively. The deferred rent liability recorded on the Company's balance sheet at December 31, 2013 and 2012 includes the unamortized balance of the landlord incentive payments and the cumulative difference between actual facility lease payments and lease expense recognized ratably over the operating lease period. At December 31, 2013, the Company's future minimum payments required under operating leases are as follows: | |||||
Year ended December 31, | Minimum | ||||
lease payment | |||||
2014 | $ | 1,449 | |||
2015 | 1,383 | ||||
2016 | 1,419 | ||||
2017 | 1,454 | ||||
2018 and thereafter | 3,576 | ||||
| | | | | |
Total | $ | 9,281 | |||
| | | | | |
| | | | | |
Litigation | |||||
On March 7, 2012, a purported derivative lawsuit, Childs v. Kouba et al., Civil Action 12-0892 (the "Derivative Action"), was filed in Massachusetts Superior Court for Middlesex County, on behalf of the Company against members of the Company's Board of Directors for alleged breaches of their fiduciary duties. The parties transferred the case to the Business Litigation Session of Massachusetts Superior Court for Suffolk County, where it is now pending under Civil Action No. 13-4406-BLS2. The Derivative Action seeks compensatory damages in an unspecified amount, plaintiff's costs and attorneys' fees, and unspecified equitable or injunctive relief, based on a nearly identical set of alleged facts to those that were asserted in a purported shareholder class action, Hilary Coyne v. Metabolix, Inc., Richard P. Eno, and Joseph Hill, Civil Action 1:12-cv-10318 (the "Class Action"). On September 20, 2013, the United States District Court for the District of Massachusetts dismissed the Class Action in full and with prejudice. The defendants currently expect to file their motion to dismiss the Derivative Action on April 21, 2014. | |||||
The Company is currently unable to assess the probability of loss or estimate a range of potential loss, if any, associated with the Derivative Action because it is at an early stage. | |||||
From time to time, the Company may be subject to other legal proceedings and claims in the ordinary course of business. The Company is not currently aware of any such other proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on the business, financial condition or the results of operations. | |||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions | ' |
Related Party Transactions | ' |
10. Related Party Transactions | |
Tepha Inc. | |
During 1999 and 2003, the Company entered into sublicense agreements with Tepha Inc. ("Tepha"), to sublicense technology to Tepha. The Company's directors, Matthew Strobeck and Anthony J. Sinskey, serve on the Board of Directors of Tepha. Under the agreement, the Company also receives royalties on net sales of licensed products and sublicensing revenues received by Tepha, subject to a minimum payment each year. | |
The Company engaged in various transactions with Tepha, and recognized license and royalty revenues of $149, $149 and $444, from Tepha for the years ended December 31, 2013, 2012, and 2011, respectively. The Company had outstanding receivable balances of $51 and $75 at December 31, 2013 and 2012, respectively. | |
Preferred_Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2013 | |
Preferred Stock | ' |
Preferred Stock | ' |
11. Preferred Stock | |
The Company's certificate of incorporation, as amended and restated, authorizes it to issue up to 5,000,000 shares of $0.01 par value preferred stock. As of December 31, 2013 and 2012, no preferred stock was issued or outstanding. | |
Common_Stock
Common Stock | 12 Months Ended |
Dec. 31, 2013 | |
Common Stock | ' |
Common Stock | ' |
12. Common Stock | |
Common Stock Issuances | |
During May 2011, the Company completed a public offering of 7,130,000 shares of its common stock at a price of $7.25 per share. Net proceeds were $49,333 after deducting underwriting discounts, commissions and offering costs of $2,360. The Company used the proceeds from the offering for working capital and other general corporate purposes. | |
Warrants | |
In connection with signing a lease agreement in 2004, the Company issued the landlord warrants to purchase 4,086 shares of common stock at an exercise price of $3.30 per share. The warrants expire ten years from the lease term commencement date. The fair value of these warrants is immaterial. At December 31, 2013, these warrants remained outstanding and exercisable. | |
Shareholder_Rights_Plan
Shareholder Rights Plan | 12 Months Ended |
Dec. 31, 2013 | |
Shareholder Rights Plan | ' |
Shareholder Rights Plan | ' |
13. Shareholder Rights Plan | |
On July 7, 2009, the Company adopted a Shareholder Rights Plan, the purpose of which is, among other things, to enhance the Board's ability to protect shareholder interests and to ensure that shareholders receive fair treatment in the event any coercive takeover attempt of the Company is made in the future. The Shareholder Rights Plan could make it more difficult for a third party to acquire, or could discourage a third party from acquiring, the Company or a large block of the Company's common stock. | |
In connection with the adoption of the Shareholder Rights Plan, the Board of Directors of the Company declared a dividend distribution of one preferred stock purchase right (a "Right") for each outstanding share of common stock to shareholders of record as of the close of business on July 8, 2009. The Rights currently are not exercisable and are attached to and trade with the outstanding shares of common stock. Under the Shareholder Rights Plan, the Rights become exercisable if a person becomes an "acquiring person" by acquiring 15% or more of the outstanding shares of common stock or if a person commences a tender offer that would result in that person owning 15% or more of the common stock. If a person becomes an "acquiring person," each holder of a Right (other than the acquiring person) would be entitled to purchase, at the then-current exercise price, such number of shares of the Company's preferred stock which are equivalent to shares of common stock having twice the exercise price of the Right. If the Company is acquired in a merger or other business combination transaction after any such event, each holder of a Right would then be entitled to purchase, at the then-current exercise price, shares of the acquiring company's common stock having a value of twice the exercise price of the Right. | |
On February 6, 2012, the Company entered into a letter agreement (the "Schuler Agreement") with Jack W. Schuler, Renate Schuler and the Schuler Family Foundation, a tax-exempt private operating foundation of which Jack W. Schuler and Renate Schuler serve as two of the three directors (collectively, the "Schuler Stockholders"). The Schuler Stockholders may be deemed to have aggregate beneficial ownership of up to 5,091,295 shares, or approximately 14.7%, of the Company's outstanding common stock, par value $0.01 per share (the "common stock"). | |
Pursuant to the Schuler Agreement, the Schuler Stockholders have made certain representations and covenants regarding ownership, voting support arrangements, standstill arrangements and rights of first refusal. In exchange for these representations and covenants, the Company agreed to amend the Shareholder Rights Plan to allow the Schuler Stockholders, under certain circumstances, to increase their beneficial ownership up to 19.99% of the outstanding common stock without becoming Acquiring Persons (as defined in the Rights Agreement). | |
On February 6, 2012, contemporaneously with the execution of the Schuler Agreement, the Company amended the Shareholder Rights Plan to provide that, generally, so long as the Schuler Stockholders and their respective affiliates and associates do not at any time have Control Intent (as defined in the Shareholder Rights Plan), they may acquire additional shares of common stock without becoming acquiring persons under the Rights Plan, provided that their collective beneficial ownership does not at any time equal or exceed 20% of the then outstanding shares of common stock. | |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
14. Stock-Based Compensation | |||||||||||||||||
The Company adopted a stock plan in 1995 (the "1995 Plan"), which provided for the granting of incentive stock options, nonqualified stock options, stock awards, and opportunities to make direct purchases of stock, to employees, officers, directors and consultants of the Company. In June 2005, the 1995 Plan was terminated and the Company adopted a new plan (the "2005 Plan"). No further grants or awards were subsequently made under the 1995 Plan. A total of 907,679 options were awarded from the 1995 Plan, and as of December 31, 2013, 29,192 of these options remain outstanding and eligible for future exercise and continue to be governed by the terms of the 1995 Plan. | |||||||||||||||||
The 2005 Plan provided for the granting of incentive stock options, nonqualified stock options, stock awards, and opportunities to make direct purchases of stock, to employees, officers, directors and consultants of the Company. In November 2006, the 2005 Plan was terminated and the Company adopted a new plan (the "2006 Plan"). No further grants or awards were subsequently made under the 2005 Plan. A total of 1,619,134 options were awarded from the 2005 Plan, and as of December 31, 2013, 231,229 of these options remain outstanding and eligible for future exercise and continue to be governed by the terms of the 2005 Plan. | |||||||||||||||||
The 2006 Plan provides for the granting of incentive stock options, nonqualified stock options, stock appreciation rights, deferred stock awards, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights. The 2006 Plan states that not more than 10,000,000 shares shall be issued under the plan. A total of 8,677,227 options have been awarded from the 2006 Plan and as of December 31, 2013, 5,941,008 of these options remain outstanding and eligible for future exercise. | |||||||||||||||||
Options granted under the 1995 Plan, the 2005 Plan and the 2006 Plan (the "Plans") generally vest ratably over periods of two to four years from the date of hire for new employees, or date of award for existing employees, or date of commencement of services with the Company for nonemployees, and generally expire ten years from the date of issuance. The Company's policy is to issue new shares upon the exercise of stock options. | |||||||||||||||||
The Company's Board of Directors granted on December 19, 2013, a stock option for the purchase of 1,150,000 shares of common stock to Joseph Shaulson in connection with his agreement to serve as a member of the Company's Board on that date and as an inducement for him to accept employment with the Company as its President and Chief Executive Officer starting in January 2014. This option was not granted under any of the Plans. The option has an exercise price equal to the fair market value of the Company's common stock at the date of grant, and it has a four-year vesting schedule in which 25%, 25% and 50% of the option vests on the 2nd, 3rd and 4th anniversary dates, respectively, of Mr. Shaulson commencing employment. The Company assessed the terms of this award and determined there was no possibility that it would have to settle this award in cash and, therefore, equity accounting was applied. | |||||||||||||||||
A summary of the activity related to the shares of common stock covered by outstanding options under the Plans follows: | |||||||||||||||||
Number of | Weighted Average | Remaining | Aggregate | ||||||||||||||
Shares | Exercise Price | Contractual Term | Intrinsic value | ||||||||||||||
(in years) | |||||||||||||||||
Balance at December 31, 2012 | 5,579,042 | $ | 6.68 | ||||||||||||||
Granted | 1,654,315 | 1.64 | |||||||||||||||
Exercised | (7,550 | ) | 1.82 | ||||||||||||||
Forfeited | (670,291 | ) | 2.11 | ||||||||||||||
Expired | (354,087 | ) | 9.26 | ||||||||||||||
| | | | | | | | | | | | | | ||||
Balance at December 31, 2013 | 6,201,429 | 5.68 | 6.09 | $ | — | ||||||||||||
| | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | ||||
Vested and expected to vest at December 31, 2013 | 6,009,973 | 5.79 | 6.04 | — | |||||||||||||
Exercisable at December 31, 2013 | 3,913,834 | 7.49 | 5.18 | — | |||||||||||||
The weighted average grant date fair value per share of options granted during fiscal years 2013, 2012, and 2011 was $1.14, $1.46 and $5.02, respectively. The total intrinsic value of options exercised was $2, $15 and $81 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
A summary of information about the shares of common stock covered by outstanding and exercisable options under the Plans at December 31, 2013 follows: | |||||||||||||||||
Stock Options Outstanding | Stock Options Exercisable | ||||||||||||||||
Range of | Number | Weighted | Weighted | Number of | Weighted | ||||||||||||
exercise prices | of shares | average | average | shares | average | ||||||||||||
remaining | exercise price | exercise price | |||||||||||||||
contractual life | per share | per share | |||||||||||||||
(in years) | |||||||||||||||||
$1.27 - 1.48 | 240,400 | 9.65 | $ | 1.41 | 15,610 | $ | 1.4 | ||||||||||
1.55 - 1.55 | 1,045,000 | 7.56 | 1.55 | 600,000 | 1.55 | ||||||||||||
1.56 - 1.69 | 1,038,479 | 6.69 | 1.68 | 358,018 | 1.66 | ||||||||||||
1.74 - 2.46 | 360,014 | 7.41 | 2.09 | 190,189 | 2.11 | ||||||||||||
2.66 - 2.66 | 866,949 | 6.6 | 2.66 | 380,256 | 2.66 | ||||||||||||
2.72 - 7.25 | 737,997 | 5.15 | 5.98 | 561,599 | 6.12 | ||||||||||||
7.31 - 9.77 | 668,092 | 5.26 | 8.95 | 602,927 | 8.93 | ||||||||||||
10.08 - 14.49 | 872,086 | 4.07 | 12.49 | 832,823 | 12.42 | ||||||||||||
14.53 - 23.99 | 342,412 | 3.72 | 18.86 | 342,412 | 18.86 | ||||||||||||
24.97 - 24.97 | 30,000 | 3.39 | 24.97 | 30,000 | 24.97 | ||||||||||||
| | | | | | | | | | | | | | | | | |
6,201,429 | 6.09 | 5.68 | 3,913,834 | 7.49 | |||||||||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Expense Information for Employee Stock Option Awards | |||||||||||||||||
The Company recognized stock-based compensation expense, related to employee stock option awards, including awards to members of the Board of Directors, of $3,193, $3,825 and $4,621 for the years ended December 31, 2013, 2012 and 2011, respectively. At December 31, 2013, there was approximately $3,544 of pre-tax stock-based compensation expense; net of estimated forfeitures, related to unvested awards not yet recognized which is expected to be recognized over a weighted average period of 2.02 years. | |||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Company determined the fair value of stock options using the Black-Scholes option pricing model with the following assumptions for option grants, respectively: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected dividend yield | — | — | — | ||||||||||||||
Risk-free rate | 0.71% - 2.05% | 0.67% - 1.15% | 0.88% - 2.38% | ||||||||||||||
Expected option term (in years) | 6.0 - 6.1 | 5.3 - 5.5 | 5.5 - 5.6 | ||||||||||||||
Volatility | 84% - 85% | 84% - 87% | 77% - 80% | ||||||||||||||
For the years ended December 31, 2013 and 2012, the Company determined its volatility assumption based on actual market price fluctuations experienced during its trading history. For the year ended December 31, 2011 expected volatility was estimated based on the Company's historical volatility benchmarked against the historical volatilities of a peer group of similar public companies. Due to the Company's limited trading history prior to 2012, the Company believed that this approach provided additional information about future stock price movements when compared to analyzing the historical volatility of the Company on its own. | |||||||||||||||||
The risk-free interest rate used for each grant is equal to the U.S. Treasury yield curve in effect at the time of grant for instruments with a term similar to the expected life of the related option. | |||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the expected term of the options is based upon evaluation of historical and expected future exercise behavior. | |||||||||||||||||
The stock price volatility and expected terms utilized in the calculation involve management's best estimates at that time, both of which impact the fair value of the option calculated under the Black-Scholes methodology and, ultimately, the expense that will be recognized over the life of the option. The accounting standard for stock-based compensation requires that the Company recognize compensation expense for only the portion of options that are expected to vest. Therefore, the Company has estimated expected forfeitures of stock options for the grants valued. In developing a forfeiture rate estimate, the Company considered its historical experience and actual forfeitures for the year. The Company will continue to evaluate its forfeiture rate as compared to the actual number of forfeitures in future periods to determine if adjustments to compensation expense may be required. | |||||||||||||||||
Expense Information for Non-employee Stock Option Awards | |||||||||||||||||
During the years ended December 31, 2011, the Company granted stock options to purchase 34,500 shares of common stock to non-employee consultants. No stock options were awarded to non-employees during the years ended December 31, 2013 and 2012, and all remaining non-employee awards were cancelled in early 2012 in connection with the Company's restructuring. Compensation expense related to non-employee options previously awarded were recognized over a period of four years and vested quarterly, contingent upon future services being provided by the consultants to the Company. The amount of non-employee stock compensation expense recorded by the Company for each of the two years ended December 31, 2012 was insignificant. | |||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | ' | ||||||||||
15. Income Taxes | |||||||||||
The components of profit (loss) before provision for income taxes consist of the following: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Domestic | $ | (28,200 | ) | $ | 3,502 | $ | (38,872 | ) | |||
Foreign | (2,295 | ) | 72 | 30 | |||||||
| | | | | | | | | | | |
Profit (loss) before taxes | $ | (30,495 | ) | $ | 3,574 | $ | (38,842 | ) | |||
| | | | | | | | | | | |
| | | | | | | | | | | |
The reported amount of income tax expense for the years differs from the amount that would result from applying domestic federal statutory tax rates to pretax losses primarily because of changes in valuation allowance. Significant components of the Company's net deferred tax assets are as follows: | |||||||||||
Year Ended | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
Deferred Tax Assets: | |||||||||||
Net operating loss carryforward | $ | 81,699 | $ | 72,016 | |||||||
Capitalization of research and development expense | 1,945 | 2,763 | |||||||||
Credit carryforwards | 8,118 | 7,024 | |||||||||
Depreciation | 2,403 | 2,603 | |||||||||
Non-Qualified Stock Options | 4,437 | 4,213 | |||||||||
Other temporary differences | 1,813 | 1,958 | |||||||||
| | | | | | | | ||||
Total deferred tax assets. | 100,415 | 90,577 | |||||||||
Valuation allowance | (100,405 | ) | (90,558 | ) | |||||||
Net deferred tax assets | 10 | 19 | |||||||||
Deferred Tax Liabilities: | |||||||||||
Other temporary differences | (10 | ) | (19 | ) | |||||||
| | | | | | | | ||||
Net deferred tax loss | $ | — | $ | — | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
The items accounting for the difference between the income tax benefit computed at the federal statutory rate of 34% and the provision for income taxes were as follows: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Federal income tax at statutory federal rate | 34 | % | 34 | % | 34 | % | |||||
State taxes | 3.5 | % | 7.8 | % | 5 | % | |||||
Permanent differences | (1.9 | )% | 19.6 | % | (2.4 | )% | |||||
Tax credits | 2.7 | % | (10.5 | )% | 2.4 | % | |||||
State rate change on deferred balances | (0.4 | )% | 3.1 | % | 1.4 | % | |||||
Expiration of net operating losses and credits | (5.8 | )% | 49.2 | % | (1.6 | )% | |||||
Other | 0.2 | % | 9.8 | % | 1 | % | |||||
Change in valuation allowance | (32.3 | )% | (113.0 | )% | (39.8 | )% | |||||
| | | | | | | | | | | |
Total | 0 | % | 0 | % | 0 | % | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The Company follows the accounting guidance for income taxes including guidance, which addresses accounting for uncertainty in income taxes. This guidance prescribes a threshold for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosures and transitions. The Company had no amounts recorded for any unrecognized tax benefits as of December 31, 2013, 2012 and 2011. | |||||||||||
The tax years 2010 through 2013 remain open to examination by major taxing jurisdictions to which the Company is subject, which are primarily in the U.S. Additionally, the Company can be audited for any loss year up to three years after the year in which the loss is utilized to offset taxable income. This would include loss years prior to 2010. | |||||||||||
The Company's policy is to record estimated interest and penalties related to uncertain tax positions as income tax expense. As of December 31, 2013, 2012 and 2011, the Company had no accrued interest or penalties recorded related to uncertain tax positions. | |||||||||||
At December 31, 2013, the Company had net operating loss carryforwards (NOLs) for federal and state income tax purposes of approximately $236,705 and $148,783, respectively. Included in the federal and state net operating loss carryforwards is approximately $19,213 of deductions related to the exercise of stock options subsequent to the adoption of amended accounting guidance related to stock-based compensation. This amount represents an excess tax benefit as defined under the amended accounting guidance related to stock-based compensation and has not been recorded as a deferred tax asset. The Company's existing federal and state net operating loss carryforwards begin to expire in 2019 and 2014, respectively. The Company also had available research and development credits for federal and state income tax purposes of approximately $5,281 and $3,920, respectively. These federal and state research and development credits will begin to expire in 2019 and 2016, respectively. As of December 31, 2013, the Company also had available investment tax credits for state income tax purposes of $86, which begin to expire in 2014. Management of the Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets, which are comprised principally of net operating loss carryforwards and research and development credits. Under the applicable accounting standards, management has considered the Company's history of losses and concluded that it is more likely than not that the Company will not recognize the benefits of federal and state deferred tax assets. Accordingly, a full valuation allowance has been established against the deferred tax assets. | |||||||||||
Utilization of the net operating loss and research and development credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986 due to ownership change limitations that have occurred previously or that could occur in the future. These ownership changes may limit the amount of net operating loss and research and development credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. The Company completed an evaluation of its ownership changes through December 31, 2012 and has determined that its NOL and R&D credit carryforwards as of that date were not subject to an annual limitation under Section 382. The Company has not currently completed an evaluation of ownership changes through December 31, 2013. To the extent an ownership change occurs in the future, the net operating loss and credit carryforwards may be subject to limitation. | |||||||||||
No additional provision has been made for U.S. income taxes related to the undistributed earnings of the wholly-owned subsidiaries of Metabolix, Inc. or for unrecognized deferred tax liabilities for temporary differences related to investments in subsidiaries. As such, earnings are expected to be permanently reinvested, the investments are essentially permanent in duration, or the Company has concluded that no additional tax liability will arise as a result of the distribution of such earnings. A liability could arise if amounts are distributed by such subsidiaries or if such subsidiaries are ultimately disposed. It is not practical to estimate the additional income taxes related to permanently reinvested earnings or the basis differences related to investment in subsidiaries. Unremitted earnings at December 31, 2013 and December 31, 2012 approximated $273 and $252, respectively. | |||||||||||
Employee_Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2013 | |
Employee Benefits | ' |
Employee Benefits | ' |
16. Employee Benefits | |
The Company maintains a 401(k) savings plan in which substantially all of its regular U.S. employees are eligible to participate. Participants may contribute up to 60% of their annual compensation to the plan, subject to eligibility requirements and annual IRS limitations. The Company's plan provides for a matching contribution in common stock of up to 4.5% of a participant's total compensation dependent upon the level of participant contributions made during the plan year. Pursuant to this plan, the Company issued 267,329, 179,336 and 68,558 shares of common stock during the twelve months ended December 31, 2013, 2012 and 2011, respectively, and recorded $397, $408 and $529, respectively, of related expense. Company contributions are fully vested upon issuance. | |
US_Department_of_Energy_Grant
U.S. Department of Energy Grant | 12 Months Ended |
Dec. 31, 2013 | |
U.S. Department of Energy Grant | ' |
U.S. Department of Energy Grant | ' |
17. U.S. Department of Energy Grant | |
In 2011, the Company entered into a multi-year $6.0 million grant agreement entitled, Renewable Enhanced Feedstocks for Advanced Biofuels and Bioproducts, with the U.S. Department of Energy for the development of switchgrass. The Company will use the funds to perform research to enhance the yield of bio-based products, biopower, or fuels made from switchgrass to produce denser biomass and other products that can be further processed to make fuels such as butanol, chemicals such as propylene, and other materials to improve the economic competitiveness of future biorefineries. Continued receipt of grant proceeds is contingent upon the availability of government appropriated funds and the Company's ability to make substantial progress towards meeting the objectives of the award. The Company will recognize revenue from the grant over the term of the agreement as it incurs related research and development costs and provided it meets its prorated cost-sharing obligation of approximately $3.9 million. The Company may elect to retain rights to inventions it conceives or reduces to practice in the performance of work under the award, subject to certain rights of the U.S. Government. | |
During the years ended December 31, 2013, 2012 and 2011, the Company recognized $1,640, $1,578 and $515 in revenue related to this grant, respectively. | |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2013 | |
Restructuring | ' |
Restructuring | ' |
18. Restructuring | |
In connection with the termination of the Telles joint venture with ADM, in 2012, the Company restructured its biopolymers business and downsized its operations. The Company recognized $920 of restructuring charges during its fiscal year ended December 31, 2012 and there were no remaining balances accrued for restructuring charges at either December 31, 2012 or December 31, 2013. | |
Geographic_Information
Geographic Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Geographic Information | ' | ||||||||||||||||
Geographic Information | ' | ||||||||||||||||
19. Geographic Information | |||||||||||||||||
The geographic distribution of the Company's revenues and long-lived assets from continuing operations is summarized as follows: | |||||||||||||||||
U.S. | Canada | Germany | Eliminations | Total | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Net revenues to unaffiliated customers | $ | 4,222 | $ | 273 | $ | 899 | $ | — | $ | 5,394 | |||||||
Inter-geographic revenues | 928 | 794 | — | (1,722 | ) | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Net revenues | $ | 5,150 | $ | 1,067 | $ | 899 | $ | (1,722 | ) | $ | 5,394 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Identifiable long-lived assets | $ | 752 | $ | 41 | $ | — | $ | — | $ | 793 | |||||||
Year Ended December 31, 2012 | |||||||||||||||||
Net revenues to unaffiliated customers | $ | 42,136 | $ | 180 | $ | — | $ | — | $ | 42,316 | |||||||
Inter-geographic revenues | — | 737 | — | (737 | ) | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Net revenues | $ | 42,136 | $ | 917 | $ | — | $ | (737 | ) | $ | 42,316 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Identifiable long-lived assets | $ | 1,309 | $ | 49 | $ | — | $ | 1,358 | |||||||||
Year Ended December 31, 2011 | |||||||||||||||||
Net revenues to unaffiliated customers | $ | 1,300 | $ | 125 | $ | — | $ | — | $ | 1,425 | |||||||
Inter-geographic revenues | — | 859 | — | (859 | ) | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Net revenues | $ | 1,300 | $ | 984 | $ | — | $ | (859 | ) | $ | 1,425 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Identifiable long-lived assets | $ | 2,185 | $ | 91 | $ | — | $ | — | $ | 2,276 | |||||||
Foreign revenue is based on the country in which the Company's legal subsidiary is domiciled. During 2013, revenue earned from the Company's REFABB grant with U.S. Department of Energy totaled $1,640 and represented 30% of total revenue for the year. Revenue earned from three additional customers represented 13%, 12% and 11%, respectively. | |||||||||||||||||
Summary_of_Quarterly_Financial
Summary of Quarterly Financial Data (unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Summary of Quarterly Financial Data (unaudited) | ' | |||||||||||||
Summary of Quarterly Financial Data (unaudited) | ' | |||||||||||||
20. Summary of Quarterly Financial Data (unaudited) | ||||||||||||||
The following tables summarize the unaudited quarterly financial data for the last two fiscal years. | ||||||||||||||
Quarter ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2013 | ||||||||||||||
Total revenues | $ | 1,943 | $ | 1,706 | $ | 855 | $ | 890 | ||||||
Loss from operations | (6,785 | ) | (7,857 | ) | (7,242 | ) | (8,618 | ) | ||||||
Net loss | (6,763 | ) | (7,866 | ) | (7,251 | ) | (8,626 | ) | ||||||
Basic net loss per share | (0.20 | ) | (0.23 | ) | (0.21 | ) | (0.24 | ) | ||||||
Diluted net loss per share | (0.20 | ) | (0.23 | ) | (0.21 | ) | (0.24 | ) | ||||||
2012 | ||||||||||||||
Total revenues | $ | 39,322 | -1 | $ | 923 | $ | 674 | $ | 1,397 | |||||
Income (loss) from operations | 28,823 | (7,957 | ) | (7,743 | ) | (9,520 | ) | |||||||
Net income (loss) | 28,840 | (7,948 | ) | (7,745 | ) | (9,517 | ) | |||||||
Basic net income (loss) per share | 0.84 | (0.23 | ) | (0.23 | ) | (0.28 | ) | |||||||
Diluted net income (loss) per share | 0.84 | (0.23 | ) | (0.23 | ) | (0.28 | ) | |||||||
Full year amounts may not sum due to rounding. | ||||||||||||||
-1 | ||||||||||||||
In 2012, the Company recognized $38,885 of deferred revenue associated with the termination of its commercial alliance with Archer Daniels Midland Company. See Note 3 to these financial statements for a more detailed explanation for the Company's recognition of this deferred revenue. | ||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Principles of Consolidation | ' | ||||||||||
Principles of Consolidation | |||||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions were eliminated, including transactions with Metabolix GmbH, the Company's wholly-owned subsidiary that became operational in Germany during early 2013. Telles, LLC ("Telles"), the Company's former joint venture with Archer Daniels Midland Company ("ADM") that terminated in early 2012, was not consolidated by the Company. | |||||||||||
Use of Estimates | ' | ||||||||||
Use of Estimates | |||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |||||||||||
Cash and Cash Equivalents | ' | ||||||||||
Cash and Cash Equivalents | |||||||||||
The Company considers all highly liquid investments purchased with an original maturity date of ninety days or less at the date of purchase to be cash equivalents. | |||||||||||
Investments | ' | ||||||||||
Investments | |||||||||||
The Company considers all highly liquid investments purchased with an original maturity date of ninety days or less at the date of purchase to be cash equivalents, and all investments purchased with an original maturity date of ninety days or more at the date of purchase and a maturity date of one year or less at the balance sheet date to be short-term investments. All other investments are classified as long-term. At December 31, 2013 and December 31, 2012, investments consisted of U.S. Treasury securities and debt securities of the U.S. government. All investments were classified as available for sale as of December 31, 2013 and 2012. See Note 5 for further discussion on investments. | |||||||||||
Unrealized gains and temporary losses on investments are included in accumulated other comprehensive income (loss) as a separate component of stockholders' equity. Realized gains and losses, dividends, interest income and declines in value judged to be other-than-temporary credit losses are included in other income (expense). Any premium or discount arising at purchase is amortized and/or accreted to interest income. | |||||||||||
Restricted Cash | ' | ||||||||||
Restricted Cash | |||||||||||
The Company had restricted cash in the amount of $619 and $594 at December 31, 2013 and 2012, respectively. At December 31, 2013, restricted cash consisted of $494 held in connection with the lease agreement for the Company's Cambridge, Massachusetts facility and $125 held in connection with the Company's corporate credit card programs. At December 31, 2012, restricted cash consisted of $494 held in connection with the lease agreement for the Company's Cambridge, Massachusetts facility and $100 held in connection with the Company's corporate credit card program. | |||||||||||
Foreign Currency Translation | ' | ||||||||||
Foreign Currency Translation | |||||||||||
Foreign denominated assets and liabilities of the Company's wholly-owned foreign subsidiaries are translated into U.S. dollars at the prevailing exchange rates in effect on the balance sheet date. Revenues and expenses are translated at average exchange rates prevailing during the period. Any resulting translation gains or losses are recorded in the accumulated other comprehensive income (loss) in the consolidated balance sheet. | |||||||||||
Comprehensive Income (Loss) | ' | ||||||||||
Comprehensive Income (Loss) | |||||||||||
Comprehensive income (loss) is comprised of net income (loss) and certain changes in stockholders' equity that are excluded from net income (loss). The Company includes unrealized gains and losses on marketable securities and foreign currency translation adjustments in other comprehensive income (loss). | |||||||||||
Concentration of Credit Risk | ' | ||||||||||
Concentration of Credit Risk | |||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash and cash equivalents and short-term investments. The Company primarily invests its excess cash and cash equivalents in money market funds, corporate debt, federal agency notes and U.S. Treasury notes. Investments are acquired in accordance with the Company's investment policy which establishes a concentration limit per issuer. | |||||||||||
The Company provides credit to customers in the normal course of business. The Company performs ongoing credit evaluations of its customers' financial condition and limits the amount of credit extended when deemed necessary. At December 31, 2013, the Company's worldwide accounts and unbilled receivables include $552 or 46% from government grants and $528 or 44% from customer product sales. At December 31, 2013, the Company's REFABB grant with the Department of Energy represented 56% of billed and unbilled receivables from government grants and no single product customer represented more than 23% of total product receivables. At December 31, 2012, the Company's worldwide accounts and unbilled receivables included $561 or 46% from government grants and $535 or 44% from customer product sales. At December 31, 2012, one customer represented 41% of accounts receivable due from product sales. | |||||||||||
Fair Value Measurements | ' | ||||||||||
Fair Value Measurements | |||||||||||
The carrying amounts of the Company's financial instruments as of December 31, 2013 and 2012, which include cash equivalents, investments, accounts receivable, unbilled receivables, due from related parties, accounts payable, and accrued expenses, approximate their fair values due to the short-term nature of these instruments. See Note 6 for further discussion on fair value measurements. | |||||||||||
Segment Information | ' | ||||||||||
Segment Information | |||||||||||
The accounting guidance for segment reporting establishes standards for reporting information on operating segments in annual financial statements. The Company operates in one segment, which is the business of developing and commercializing technologies for the production of polymers and chemicals in plants and in microbes. The Company's chief operating decision-maker does not manage any part of the Company separately, and the allocation of resources and assessment of performance are based on the Company's consolidated operating results. As of December 31, 2013 and 2012, less than 10% of the Company's combined total assets were located outside of the United States. In addition, the reported net income (loss) outside of the United States was less than 10% of the combined net income (loss) of the consolidated Company. | |||||||||||
Inventory | ' | ||||||||||
Inventory | |||||||||||
The Company's adopted inventory policies are to state inventory at the lower of cost or market and to value inventory using the average cost method. The Company analyzes its inventory levels quarterly and writes down, to cost of product revenue, inventory it considers to be in excess of expected sales requirements, fails to meet commercial sales specifications or that has become obsolete. | |||||||||||
Property and Equipment | ' | ||||||||||
Property and Equipment | |||||||||||
Property and equipment are stated at cost less accumulated depreciation. Repairs and maintenance are charged to operations as incurred. Gains and losses on the disposition of equipment are recorded in net income or loss and the related cost and accumulated depreciation are removed from the respective accounts. Depreciation is computed using the straight-line method over the estimated useful lives as follows: | |||||||||||
Asset Description | Estimated Useful Life | ||||||||||
Equipment | 2.5 - 3 years | ||||||||||
Furniture and Fixtures | 5 | ||||||||||
Software | 3 | ||||||||||
Leasehold improvements | Shorter of useful life or term of lease | ||||||||||
The Company accounts for operating lease incentive payments received from a lessor in accordance with the accounting standard on accounting for leases. The Company records incentive payments received from its landlords as deferred rent and amortizes these amounts as reductions to lease expense over the lease term. | |||||||||||
Impairment of Long-Lived Assets | ' | ||||||||||
Impairment of Long-Lived Assets | |||||||||||
The Company accounts for the impairment and disposal of long-lived assets in accordance with accounting guidance on accounting for the impairment or disposal of long-lived assets. The guidance requires that long-lived assets, such as property and equipment be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The guidance further requires that companies recognize an impairment loss only if the carrying amount of a long-lived asset is not recoverable based on its undiscounted future cash flows and measure an impairment loss as the difference between the carrying amount and fair value of the asset. | |||||||||||
Revenue Recognition | ' | ||||||||||
Revenue Recognition | |||||||||||
The Company recognizes revenue in accordance with accounting standards on revenue recognition. Principal sources of revenue are government research grants, product sales, license fees, royalty revenues and research and development payments that are primarily derived from collaborative agreements with other companies. | |||||||||||
During March 2012, the Company initiated biopolymer product sales to customers for the first time. The Company's policy is to recognize revenue when evidence of an arrangement exists, title has passed or services have been rendered, the selling price is fixed or determinable and collectability is reasonably assured. Revenue from product sales to customers is recognized when all elements of the sale have been delivered. The Company's product return policy provides for discretion in accepting customer product returns during a period of sixty days after product delivery. Until sufficient experience is developed on which to base an estimate of product returns, the Company defers recognition of product revenue and related costs until the later of (i) the end of the sixty day period or (ii) when the customer payment has been received. The Company includes deferred cost of product revenue in inventory. As of December 31, 2013 and December 31, 2012, the Company's deferred product revenue and associated cost of product revenue are shown below: | |||||||||||
Year ended | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
Deferred product revenue | $ | 537 | $ | 786 | |||||||
Deferred cost of product revenue | $ | 476 | $ | 219 | |||||||
Fees to license the Company's proprietary and licensed technologies are recognized only after both the license period has commenced and the technology has been delivered. Royalty revenue is recognized when it becomes determinable and collectability is reasonably assured; otherwise the Company recognizes royalty revenue upon receipt of payment. | |||||||||||
The Company follows authoritative guidance on revenue recognition for multiple-element arrangements entered into or materially modified on or after January 1, 2011. The guidance amends the criteria for separating and allocating consideration in a multiple-element arrangement by modifying the fair value requirements for revenue recognition and eliminating the use of the residual method. The fair value of deliverables under the arrangement may be derived using a "best estimate of selling price" if vendor-specific objective evidence and third-party evidence is not available. Deliverables under the arrangement will be separate units of accounting, provided (i) a delivered item has value to the customer on a standalone basis; and (ii) if the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially within the Company's control. | |||||||||||
The Company recognizes funds received from contractual research and development services and from government grants as revenue. These contracts and grants are considered an ongoing major and central operation of the Company's business. For government grants, revenue is earned as research expenses related to the grants are incurred. | |||||||||||
Research and Development Expenses | ' | ||||||||||
Research and Development Expenses | |||||||||||
All costs associated with internal research and development as well as research and development services conducted for others are expensed as incurred. Research and development expenses include direct costs for salaries, employee benefits, subcontractors, facility related expenses, depreciation and stock-based compensation related to employees and non-employees involved in the Company's research and development. Costs related to revenue-producing grants are also recorded as research and development expenses. | |||||||||||
Selling, General, and Administrative Expenses | ' | ||||||||||
Selling, General, and Administrative Expenses | |||||||||||
The Company's selling, general and administrative expense line item includes costs for salaries, employee benefits, facilities expenses, consulting fees, travel expenses, depreciation expenses, and office related expenses incurred to support the selling and administrative operations of the Company. | |||||||||||
Intellectual Property Costs | ' | ||||||||||
Intellectual Property Costs | |||||||||||
The Company includes all costs associated with the prosecution and maintenance of patents within selling, general and administrative expenses in the consolidated statement of operations. | |||||||||||
Stock-Based Compensation | ' | ||||||||||
Stock-Based Compensation | |||||||||||
The Company accounts for stock-based compensation costs in accordance with the accounting standards for stock-based compensation, which require that all share-based payments to employees and members of the Board of Directors, be recognized in the statement of operations based on their fair values. Compensation cost is based on the grant-date fair value of the award, adjusted for estimated forfeitures, and is recognized on a straight-line basis over the period during which the recipient is required to provide service in exchange for the award. See Note 14 for a description of the types of stock-based awards granted, the compensation expense related to such awards and detail of equity-based awards outstanding. | |||||||||||
Basic and Diluted Net Loss per Share | ' | ||||||||||
Basic and Diluted Net Loss per Share | |||||||||||
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding. Common stock equivalents include stock options and warrants. Diluted net loss per share is computed by dividing net income by the weighted-average number of dilutive common shares outstanding during the period. Diluted shares outstanding is calculated by adding to the weighted shares outstanding any potential (unissued) shares of common stock from outstanding stock options and warrants based on the treasury stock method. In periods when a net loss is reported, all common stock equivalents are excluded from the calculation because they would have an anti-dilutive effect, meaning the loss per share would be reduced. Therefore, in periods when a loss is reported, there is no difference in basic and dilutive loss per share. | |||||||||||
Shares used to calculate diluted earnings per share for the three years ended December 31, 2013, 2012 and 2011, respectively, are shown below: | |||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Numerator: | |||||||||||
Net income (loss) | $ | (30,506 | ) | $ | 3,630 | $ | (38,785 | ) | |||
Denominator: | |||||||||||
Weighted average number of common shares outstanding | 34,471,301 | 34,217,298 | 31,257,376 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options | — | 62,481 | — | ||||||||
| | | | | | | | | | | |
Dilutive potential common shares | — | 62,481 | — | ||||||||
| | | | | | | | | | | |
Shares used in calculating diluted earnings per share | 34,471,301 | 34,279,779 | 31,257,376 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The number of shares of potentially dilutive common stock related to options and warrants that were excluded from the calculation of dilutive shares since the inclusion of such shares would be anti-dilutive for the years ended December 31, 2013, 2012 and 2011, respectively, are shown below: | |||||||||||
Year ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Options | 6,201,429 | 5,579,042 | 3,858,685 | ||||||||
Warrants | 4,086 | 4,086 | 4,086 | ||||||||
| | | | | | | | | | | |
Total | 6,205,515 | 5,583,128 | 3,862,771 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Income Taxes | ' | ||||||||||
Income Taxes | |||||||||||
The Company follows the accounting guidance on accounting for income taxes which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided to reduce the deferred tax asset to a level which, more likely than not, will be realized. See Note 15 for further discussion of income taxes. | |||||||||||
Recent Accounting Standards Changes | ' | ||||||||||
Recent Accounting Standards Changes | |||||||||||
In July 2013, the Financial Accounting Standards Board, or FASB, issued updated accounting guidance for the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The updated guidance requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax position. In addition, unrecognized tax benefits will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by unrecognized tax benefits. The update is effective prospectively for reporting periods beginning after December 15, 2013, and early adoption is permitted. The adoption of this guidance is not expected to have an impact on the Company's consolidated financial statements. | |||||||||||
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income (ASU 2013-02). This newly issued accounting standard requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This ASU is effective for reporting periods beginning after December 15, 2012. The adoption of this standard did not have an impact on the Company's financial position or results of operations. Reclassification adjustments were insignificant for all periods presented. | |||||||||||
Reclassifications | ' | ||||||||||
Reclassifications | |||||||||||
Certain amounts reported in the prior year financial statements have been reclassified for comparative purposes to conform with the presentation in the current year consolidated financial statements. | |||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Schedule of estimated useful life of assets used to compute depreciation using the straight-line method | ' | ||||||||||
Asset Description | Estimated Useful Life | ||||||||||
Equipment | 2.5 - 3 years | ||||||||||
Furniture and Fixtures | 5 | ||||||||||
Software | 3 | ||||||||||
Leasehold improvements | Shorter of useful life or term of lease | ||||||||||
Schedule of deferred product revenue and associated cost of product revenue | ' | ||||||||||
Year ended | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
Deferred product revenue | $ | 537 | $ | 786 | |||||||
Deferred cost of product revenue | $ | 476 | $ | 219 | |||||||
Schedule of shares used to calculate diluted earnings per share | ' | ||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Numerator: | |||||||||||
Net income (loss) | $ | (30,506 | ) | $ | 3,630 | $ | (38,785 | ) | |||
Denominator: | |||||||||||
Weighted average number of common shares outstanding | 34,471,301 | 34,217,298 | 31,257,376 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options | — | 62,481 | — | ||||||||
| | | | | | | | | | | |
Dilutive potential common shares | — | 62,481 | — | ||||||||
| | | | | | | | | | | |
Shares used in calculating diluted earnings per share | 34,471,301 | 34,279,779 | 31,257,376 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of number of shares of potentially dilutive common stock related to options and warrants that were excluded from the calculation of dilutive shares | ' | ||||||||||
Year ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Options | 6,201,429 | 5,579,042 | 3,858,685 | ||||||||
Warrants | 4,086 | 4,086 | 4,086 | ||||||||
| | | | | | | | | | | |
Total | 6,205,515 | 5,583,128 | 3,862,771 | ||||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Significant_Collaborations_Tab
Significant Collaborations (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Significant Collaborations | ' | ||||
Schedule of payments received that were recorded as deferred revenue under the Technology Alliance and Option Agreement and Commercial Alliance Agreement | ' | ||||
Upfront payment | $ | 3,000 | |||
Milestone payments | 2,000 | ||||
Support payments | 22,050 | ||||
Cost sharing payments for pre-commercial manufacturing plant construction and operations | 11,835 | ||||
| | | | | |
Total | $ | 38,885 | |||
| | | | | |
| | | | | |
Inventory_Tables
Inventory (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory | ' | |||||||
Schedule of the components of the Company's biopolymer inventories | ' | |||||||
Year ended | ||||||||
December 31 | ||||||||
2013 | 2012 | |||||||
Raw materials | $ | 537 | $ | 640 | ||||
Work-in-process | — | 2 | ||||||
Finished goods | 3,537 | 2,562 | ||||||
| | | | | | | | |
Total inventory | $ | 4,074 | $ | 3,204 | ||||
| | | | | | | | |
| | | | | | | | |
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Investments | ' | |||||||||||||
Schedule of investments | ' | |||||||||||||
Unrealized | ||||||||||||||
Amortized | Market | |||||||||||||
Cost | Gain | (Loss) | Value | |||||||||||
December 31, 2013 | ||||||||||||||
Short-term investments | ||||||||||||||
Government-sponsored enterprises | $ | 11,510 | $ | 1 | $ | — | $ | 11,511 | ||||||
| | | | | | | | | | | | | | |
Total | $ | 11,510 | $ | 1 | $ | — | $ | 11,511 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
December 31, 2012 | ||||||||||||||
Short-term investments | ||||||||||||||
Government sponsored enterprises | $ | 29,189 | $ | 12 | $ | — | $ | 29,201 | ||||||
Long-term investments | ||||||||||||||
Government-sponsored enterprises | 2,507 | 1 | — | 2,508 | ||||||||||
| | | | | | | | | | | | | | |
Total | $ | 31,696 | $ | 13 | $ | — | $ | 31,709 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Schedule of information about assets that are measured at fair value on a recurring basis | ' | |||||||||||||
Fair value measurements at reporting date using | ||||||||||||||
Description | Quoted prices in | Significant other | Significant | Balance | ||||||||||
active markets for | observable inputs | unobservable | as of | |||||||||||
identical assets | (Level 2) | inputs | December 31, | |||||||||||
(Level 1) | (Level 3) | 2013 | ||||||||||||
Cash equivalents: | ||||||||||||||
Money market funds | $ | 6,332 | $ | — | $ | — | $ | 6,332 | ||||||
Short-term investments: | ||||||||||||||
Government securities | — | 11,511 | — | 11,511 | ||||||||||
| | | | | | | | | | | | | | |
Total | $ | 6,332 | $ | 11,511 | $ | — | $ | 17,843 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Fair value measurements at reporting date using | ||||||||||||||
Description | Quoted prices in | Significant other | Significant | Balance | ||||||||||
active markets for | observable inputs | unobservable | as of | |||||||||||
identical assets | (Level 2) | inputs | December 31, | |||||||||||
(Level 1) | (Level 3) | 2012 | ||||||||||||
Cash equivalents: | ||||||||||||||
Money market funds | $ | 11,157 | $ | — | $ | — | $ | 11,157 | ||||||
Government securities | — | 2,015 | — | 2,015 | ||||||||||
Short-term investments: | ||||||||||||||
Government securities | — | 29,201 | — | 29,201 | ||||||||||
Long-term investments: | ||||||||||||||
Government securities | — | 2,508 | — | 2,508 | ||||||||||
| | | | | | | | | | | | | | |
$ | 11,157 | $ | 33,724 | $ | — | $ | 44,881 | |||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property and Equipment, Net | ' | |||||||
Schedule of components of property and equipment | ' | |||||||
Year ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Equipment | $ | 4,868 | $ | 5,151 | ||||
Furniture and fixtures | 227 | 227 | ||||||
Leasehold improvements | 2,652 | 2,641 | ||||||
Software | 381 | 381 | ||||||
| | | | | | | | |
Total property and equipment, at cost | 8,128 | 8,400 | ||||||
Less: Accumulated depreciation | (7,335 | ) | (7,042 | ) | ||||
| | | | | | | | |
Property and equipment, net | $ | 793 | $ | 1,358 | ||||
| | | | | | | | |
| | | | | | | | |
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Expenses | ' | |||||||
Schedule of accrued expenses | ' | |||||||
Year ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Employee compensation and benefits | $ | 2,595 | $ | 2,379 | ||||
Commercial manufacturing | 815 | 229 | ||||||
Professional services | 578 | 301 | ||||||
Other | 904 | 610 | ||||||
| | | | | | | | |
Total accrued expenses | $ | 4,892 | $ | 3,519 | ||||
| | | | | | | | |
| | | | | | | | |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies | ' | ||||
Schedule of the Company's future minimum payments required under operating leases | ' | ||||
At December 31, 2013, the Company's future minimum payments required under operating leases are as follows: | |||||
Year ended December 31, | Minimum | ||||
lease payment | |||||
2014 | $ | 1,449 | |||
2015 | 1,383 | ||||
2016 | 1,419 | ||||
2017 | 1,454 | ||||
2018 and thereafter | 3,576 | ||||
| | | | | |
Total | $ | 9,281 | |||
| | | | | |
| | | | | |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Summary of the activity related to the shares of common stock covered by outstanding options under the plans | ' | ||||||||||||||||
Number of | Weighted Average | Remaining | Aggregate | ||||||||||||||
Shares | Exercise Price | Contractual Term | Intrinsic value | ||||||||||||||
(in years) | |||||||||||||||||
Balance at December 31, 2012 | 5,579,042 | $ | 6.68 | ||||||||||||||
Granted | 1,654,315 | 1.64 | |||||||||||||||
Exercised | (7,550 | ) | 1.82 | ||||||||||||||
Forfeited | (670,291 | ) | 2.11 | ||||||||||||||
Expired | (354,087 | ) | 9.26 | ||||||||||||||
| | | | | | | | | | | | | | ||||
Balance at December 31, 2013 | 6,201,429 | 5.68 | 6.09 | $ | — | ||||||||||||
| | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | ||||
Vested and expected to vest at December 31, 2013 | 6,009,973 | 5.79 | 6.04 | — | |||||||||||||
Exercisable at December 31, 2013 | 3,913,834 | 7.49 | 5.18 | — | |||||||||||||
Summary of information about the shares of common stock covered by outstanding and exercisable options under the plans | ' | ||||||||||||||||
A summary of information about the shares of common stock covered by outstanding and exercisable options under the Plans at December 31, 2013 follows: | |||||||||||||||||
Stock Options Outstanding | Stock Options Exercisable | ||||||||||||||||
Range of | Number | Weighted | Weighted | Number of | Weighted | ||||||||||||
exercise prices | of shares | average | average | shares | average | ||||||||||||
remaining | exercise price | exercise price | |||||||||||||||
contractual life | per share | per share | |||||||||||||||
(in years) | |||||||||||||||||
$1.27 - 1.48 | 240,400 | 9.65 | $ | 1.41 | 15,610 | $ | 1.4 | ||||||||||
1.55 - 1.55 | 1,045,000 | 7.56 | 1.55 | 600,000 | 1.55 | ||||||||||||
1.56 - 1.69 | 1,038,479 | 6.69 | 1.68 | 358,018 | 1.66 | ||||||||||||
1.74 - 2.46 | 360,014 | 7.41 | 2.09 | 190,189 | 2.11 | ||||||||||||
2.66 - 2.66 | 866,949 | 6.6 | 2.66 | 380,256 | 2.66 | ||||||||||||
2.72 - 7.25 | 737,997 | 5.15 | 5.98 | 561,599 | 6.12 | ||||||||||||
7.31 - 9.77 | 668,092 | 5.26 | 8.95 | 602,927 | 8.93 | ||||||||||||
10.08 - 14.49 | 872,086 | 4.07 | 12.49 | 832,823 | 12.42 | ||||||||||||
14.53 - 23.99 | 342,412 | 3.72 | 18.86 | 342,412 | 18.86 | ||||||||||||
24.97 - 24.97 | 30,000 | 3.39 | 24.97 | 30,000 | 24.97 | ||||||||||||
| | | | | | | | | | | | | | | | | |
6,201,429 | 6.09 | 5.68 | 3,913,834 | 7.49 | |||||||||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Schedule of assumptions used in determining fair value of stock options granted using the Black-Scholes option pricing model | ' | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected dividend yield | — | — | — | ||||||||||||||
Risk-free rate | 0.71% - 2.05% | 0.67% - 1.15% | 0.88% - 2.38% | ||||||||||||||
Expected option term (in years) | 6.0 - 6.1 | 5.3 - 5.5 | 5.5 - 5.6 | ||||||||||||||
Volatility | 84% - 85% | 84% - 87% | 77% - 80% |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Taxes | ' | ||||||||||
Schedule of components of profit (loss) before provision for income taxes | ' | ||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Domestic | $ | (28,200 | ) | $ | 3,502 | $ | (38,872 | ) | |||
Foreign | (2,295 | ) | 72 | 30 | |||||||
| | | | | | | | | | | |
Profit (loss) before taxes | $ | (30,495 | ) | $ | 3,574 | $ | (38,842 | ) | |||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of significant components of the Company's net deferred tax asset | ' | ||||||||||
Year Ended | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
Deferred Tax Assets: | |||||||||||
Net operating loss carryforward | $ | 81,699 | $ | 72,016 | |||||||
Capitalization of research and development expense | 1,945 | 2,763 | |||||||||
Credit carryforwards | 8,118 | 7,024 | |||||||||
Depreciation | 2,403 | 2,603 | |||||||||
Non-Qualified Stock Options | 4,437 | 4,213 | |||||||||
Other temporary differences | 1,813 | 1,958 | |||||||||
| | | | | | | | ||||
Total deferred tax assets. | 100,415 | 90,577 | |||||||||
Valuation allowance | (100,405 | ) | (90,558 | ) | |||||||
Net deferred tax assets | 10 | 19 | |||||||||
Deferred Tax Liabilities: | |||||||||||
Other temporary differences | (10 | ) | (19 | ) | |||||||
| | | | | | | | ||||
Net deferred tax loss | $ | — | $ | — | |||||||
| | | | | | | | ||||
| | | | | | | | ||||
Schedule of items accounting for the difference between the income tax benefit computed at the federal statutory rate and the provision for income taxes | ' | ||||||||||
Year Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Federal income tax at statutory federal rate | 34 | % | 34 | % | 34 | % | |||||
State taxes | 3.5 | % | 7.8 | % | 5 | % | |||||
Permanent differences | (1.9 | )% | 19.6 | % | (2.4 | )% | |||||
Tax credits | 2.7 | % | (10.5 | )% | 2.4 | % | |||||
State rate change on deferred balances | (0.4 | )% | 3.1 | % | 1.4 | % | |||||
Expiration of net operating losses and credits | (5.8 | )% | 49.2 | % | (1.6 | )% | |||||
Other | 0.2 | % | 9.8 | % | 1 | % | |||||
Change in valuation allowance | (32.3 | )% | (113.0 | )% | (39.8 | )% | |||||
| | | | | | | | | | | |
Total | 0 | % | 0 | % | 0 | % | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Geographic_Information_Tables
Geographic Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Geographic Information | ' | ||||||||||||||||
Schedule of the geographic distribution of revenues and long-lived assets from continuing operations | ' | ||||||||||||||||
U.S. | Canada | Germany | Eliminations | Total | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Net revenues to unaffiliated customers | $ | 4,222 | $ | 273 | $ | 899 | $ | — | $ | 5,394 | |||||||
Inter-geographic revenues | 928 | 794 | — | (1,722 | ) | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Net revenues | $ | 5,150 | $ | 1,067 | $ | 899 | $ | (1,722 | ) | $ | 5,394 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Identifiable long-lived assets | $ | 752 | $ | 41 | $ | — | $ | — | $ | 793 | |||||||
Year Ended December 31, 2012 | |||||||||||||||||
Net revenues to unaffiliated customers | $ | 42,136 | $ | 180 | $ | — | $ | — | $ | 42,316 | |||||||
Inter-geographic revenues | — | 737 | — | (737 | ) | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Net revenues | $ | 42,136 | $ | 917 | $ | — | $ | (737 | ) | $ | 42,316 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Identifiable long-lived assets | $ | 1,309 | $ | 49 | $ | — | $ | 1,358 | |||||||||
Year Ended December 31, 2011 | |||||||||||||||||
Net revenues to unaffiliated customers | $ | 1,300 | $ | 125 | $ | — | $ | — | $ | 1,425 | |||||||
Inter-geographic revenues | — | 859 | — | (859 | ) | — | |||||||||||
| | | | | | | | | | | | | | | | | |
Net revenues | $ | 1,300 | $ | 984 | $ | — | $ | (859 | ) | $ | 1,425 | ||||||
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Identifiable long-lived assets | $ | 2,185 | $ | 91 | $ | — | $ | — | $ | 2,276 |
Summary_of_Quarterly_Financial1
Summary of Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Summary of Quarterly Financial Data (unaudited) | ' | |||||||||||||
Summary of unaudited quarterly financial data | ' | |||||||||||||
Quarter ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2013 | ||||||||||||||
Total revenues | $ | 1,943 | $ | 1,706 | $ | 855 | $ | 890 | ||||||
Loss from operations | (6,785 | ) | (7,857 | ) | (7,242 | ) | (8,618 | ) | ||||||
Net loss | (6,763 | ) | (7,866 | ) | (7,251 | ) | (8,626 | ) | ||||||
Basic net loss per share | (0.20 | ) | (0.23 | ) | (0.21 | ) | (0.24 | ) | ||||||
Diluted net loss per share | (0.20 | ) | (0.23 | ) | (0.21 | ) | (0.24 | ) | ||||||
2012 | ||||||||||||||
Total revenues | $ | 39,322 | -1 | $ | 923 | $ | 674 | $ | 1,397 | |||||
Income (loss) from operations | 28,823 | (7,957 | ) | (7,743 | ) | (9,520 | ) | |||||||
Net income (loss) | 28,840 | (7,948 | ) | (7,745 | ) | (9,517 | ) | |||||||
Basic net income (loss) per share | 0.84 | (0.23 | ) | (0.23 | ) | (0.28 | ) | |||||||
Diluted net income (loss) per share | 0.84 | (0.23 | ) | (0.23 | ) | (0.28 | ) | |||||||
Full year amounts may not sum due to rounding. | ||||||||||||||
-1 | ||||||||||||||
In 2012, the Company recognized $38,885 of deferred revenue associated with the termination of its commercial alliance with Archer Daniels Midland Company. See Note 3 to these financial statements for a more detailed explanation for the Company's recognition of this deferred revenue. | ||||||||||||||
Nature_of_Business_Details
Nature of Business (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Nature of Business | ' | ' |
Deferred revenue recognized from the terminated Telles joint venture | ' | $38,885,000 |
Unrestricted cash, cash equivalents and investments | 19,209,000 | ' |
Period over which company's present capital resources are not sufficient to fund its planned operations | '12 months | ' |
Minimum | ' | ' |
Significant additional funding | ' | ' |
Expected fund to be raised for additional financing to continue operations | 50,000,000 | ' |
Period over which expected fund to be raised | '12 months | ' |
Maximum | ' | ' |
Significant additional funding | ' | ' |
Expected fund to be raised for additional financing to continue operations | $60,000,000 | ' |
Period over which expected fund to be raised | '15 months | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
item | item | |
Restricted Cash | ' | ' |
Restricted cash | 619 | 594 |
Restricted cash held in connection with the company's corporate credit card program | 494 | 494 |
Restricted cash held in connection with the lease agreement for the company's Cambridge, Massachusetts facility | 125 | 100 |
Receivables | Credit risk concentration | ' | ' |
Concentration of credit risk | ' | ' |
Receivables/Sales (as a percent) | 23.00% | 41.00% |
Number of customers | 0 | 1 |
Receivables | Credit risk concentration | Customer product receivables | ' | ' |
Concentration of credit risk | ' | ' |
Accounts receivable | 528 | 535 |
Receivables/Sales (as a percent) | 44.00% | 44.00% |
Receivables | Credit risk concentration | Government grants | ' | ' |
Concentration of credit risk | ' | ' |
Accounts receivable | 552 | 561 |
Receivables/Sales (as a percent) | 46.00% | 46.00% |
Receivables | Credit risk concentration | REFABB grant with the Department of Energy | ' | ' |
Concentration of credit risk | ' | ' |
Receivables/Sales (as a percent) | 56.00% | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 2) | 12 Months Ended |
Dec. 31, 2013 | |
item | |
Segment Information | ' |
Number of operating segments | 1 |
Equipment | Minimum | ' |
Property and Equipment | ' |
Estimated Useful Life | '2 years 6 months |
Equipment | Maximum | ' |
Property and Equipment | ' |
Estimated Useful Life | '3 years |
Furniture and fixtures | ' |
Property and Equipment | ' |
Estimated Useful Life | '5 years |
Software | ' |
Property and Equipment | ' |
Estimated Useful Life | '3 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue Recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for which company is having option of accepting returns from customers | ' | ' | ' | ' | ' | ' | ' | ' | '60 days | ' | ' |
Deferred product revenue | $537 | ' | ' | ' | $786 | ' | ' | ' | $537 | $786 | ' |
Deferred cost of product revenue | 476 | ' | ' | ' | 219 | ' | ' | ' | 476 | 219 | ' |
Basic and Diluted Net Loss per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Difference in basic and dilutive loss per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ($8,626) | ($7,251) | ($7,866) | ($6,763) | ($9,517) | ($7,745) | ($7,948) | $28,840 | ($30,506) | $3,630 | ($38,785) |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average number of common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 34,471,301 | 34,217,298 | 31,257,376 |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,481 | ' |
Dilutive potential common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,481 | ' |
Shares used in calculating diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 34,471,301 | 34,279,779 | 31,257,376 |
Antidilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive common stock excluded from the calculation of dilutive shares | ' | ' | ' | ' | ' | ' | ' | ' | 6,205,515 | 5,583,128 | 3,862,771 |
Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive common stock excluded from the calculation of dilutive shares | ' | ' | ' | ' | ' | ' | ' | ' | 6,201,429 | 5,579,042 | 3,858,685 |
Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive common stock excluded from the calculation of dilutive shares | ' | ' | ' | ' | ' | ' | ' | ' | 4,086 | 4,086 | 4,086 |
Significant_Collaborations_Det
Significant Collaborations (Details) (USD $) | 12 Months Ended | 12 Months Ended | 36 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 08, 2012 | Feb. 08, 2012 | Feb. 08, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Feb. 08, 2012 | Feb. 08, 2012 | Feb. 08, 2012 | Feb. 08, 2012 | Feb. 28, 2013 | Dec. 31, 2013 |
Commercial Alliance Agreement | Commercial Alliance Agreement | Commercial Alliance Agreement | Commercial Alliance Agreement | Commercial Alliance Agreement | Commercial Alliance Agreement | Commercial Alliance Agreement | Commercial Alliance Agreement | Commercial Alliance Agreement | Commercial Alliance Agreement | Commercial Alliance Agreement | Commercial Alliance Agreement | Commercial Alliance Agreement | |||||
item | Telles | Telles | ADM Polymer | ADM Polymer | ADM Polymer | ADM Polymer | ADM Polymer | ADM Polymer | ADM Polymer | ADM Polymer | ADM Polymer | ||||||
Maximum | lb | Upfront payment | Milestone payments | Support payments | Cost sharing payments for pre-commercial manufacturing plant construction and operations | Telles | Telles | ||||||||||
Significant collaboration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of significant collaboration arrangements with Archer Daniels Midland Company | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual production capability of manufacturing facility that will be constructed under the agreement (in pounds) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110,000,000 | ' | ' | ' | ' | ' | ' |
Ownership and voting interest in Telles (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Period over which payments recorded as deferred revenue is expected to be recognized | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total deferred revenue | $786 | $537 | ' | ' | ' | ' | ' | ' | $38,885 | ' | ' | $3,000 | $2,000 | $22,050 | $11,835 | ' | ' |
Performance obligations in connection with the termination of the commercial alliance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Deferred revenue recognized | 38,885 | ' | ' | ' | ' | ' | ' | ' | ' | 38,885 | ' | ' | ' | ' | ' | ' | ' |
Purchase price to acquire assets of joint venture | ' | ' | ' | ' | ' | ' | 2,982 | ' | 3,678 | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate cash balances of joint venture | 14,572 | 7,698 | 21,277 | 12,526 | ' | ' | 3,778 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount retained by joint venture to settle any remaining trade obligations | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining trade obligations of joint venture | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reimbursed by ADM | ' | ' | ' | ' | ' | ' | ' | ' | 3,678 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of costs incurred by the entity, agreed to be reimbursed by ADM | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Third party creditor trade obligations paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' |
Inventory_Details
Inventory (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory | ' | ' |
Raw materials | $537 | $640 |
Work-in-process | ' | 2 |
Finished goods | 3,537 | 2,562 |
Total inventory | 4,074 | 3,204 |
Inventory on which revenue not recognized | 537 | 786 |
Cost of obsolete raw material and finished goods | $818 | $138 |
Investments_Details
Investments (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Investments | ' | ' |
Amortized Cost | $11,510 | $31,696 |
Unrealized Gain | 1 | 13 |
Market Value | 11,511 | 31,709 |
Average maturity of marketable securities available-for-sale | '2 months | '4 months |
Short-term investments | Government sponsored enterprises | ' | ' |
Investments | ' | ' |
Amortized Cost | 11,510 | 29,189 |
Unrealized Gain | 1 | 12 |
Market Value | 11,511 | 29,201 |
Long-term investments | Government sponsored enterprises | ' | ' |
Investments | ' | ' |
Amortized Cost | ' | 2,507 |
Unrealized Gain | ' | 1 |
Market Value | ' | $2,508 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair value measurements | ' | ' |
Short-term investments | $11,511 | $29,201 |
Long-term investments | ' | 2,508 |
Recurring | Quoted prices in active markets for identical assets (Level 1) | ' | ' |
Fair value measurements | ' | ' |
Total | 6,332 | 11,157 |
Recurring | Quoted prices in active markets for identical assets (Level 1) | Money market funds | ' | ' |
Fair value measurements | ' | ' |
Cash equivalents: | 6,332 | 11,157 |
Recurring | Significant other observable inputs (Level 2) | ' | ' |
Fair value measurements | ' | ' |
Total | 11,511 | 33,724 |
Recurring | Significant other observable inputs (Level 2) | Government securities | ' | ' |
Fair value measurements | ' | ' |
Cash equivalents: | ' | 2,015 |
Short-term investments | 11,511 | 29,201 |
Long-term investments | ' | 2,508 |
Recurring | Balance as of the end of the period | ' | ' |
Fair value measurements | ' | ' |
Total | 17,843 | 44,881 |
Recurring | Balance as of the end of the period | Money market funds | ' | ' |
Fair value measurements | ' | ' |
Cash equivalents: | 6,332 | 11,157 |
Recurring | Balance as of the end of the period | Government securities | ' | ' |
Fair value measurements | ' | ' |
Cash equivalents: | ' | 2,015 |
Short-term investments | 11,511 | 29,201 |
Long-term investments | ' | $2,508 |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property and equipment, net | ' | ' | ' |
Total property and equipment, at cost | $8,128 | $8,400 | ' |
Less: Accumulated depreciation | -7,335 | -7,042 | ' |
Property and equipment, net | 793 | 1,358 | 2,276 |
Depreciation expense | 928 | 1,298 | 1,507 |
Equipment | ' | ' | ' |
Property and equipment, net | ' | ' | ' |
Total property and equipment, at cost | 4,868 | 5,151 | ' |
Furniture and fixtures | ' | ' | ' |
Property and equipment, net | ' | ' | ' |
Total property and equipment, at cost | 227 | 227 | ' |
Leasehold improvements | ' | ' | ' |
Property and equipment, net | ' | ' | ' |
Total property and equipment, at cost | 2,652 | 2,641 | ' |
Software | ' | ' | ' |
Property and equipment, net | ' | ' | ' |
Total property and equipment, at cost | 381 | 381 | ' |
Capitalized leased equipment | ' | ' | ' |
Property and equipment, net | ' | ' | ' |
Total property and equipment, at cost | $0 | $0 | ' |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Expenses | ' | ' |
Employee compensation and benefits | $2,595 | $2,379 |
Commercial manufacturing | 815 | 229 |
Professional services | 578 | 301 |
Other | 904 | 610 |
Total accrued expenses | $4,892 | $3,519 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies | ' | ' | ' |
Rental payments under operating leases | $1,662 | $1,814 | $1,808 |
Future minimum lease payments | ' | ' | ' |
2014 | 1,449 | ' | ' |
2015 | 1,383 | ' | ' |
2016 | 1,419 | ' | ' |
2017 | 1,454 | ' | ' |
2018 and thereafter | 3,576 | ' | ' |
Total | $9,281 | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related party transactions | ' | ' | ' |
Outstanding receivable | $51 | $75 | ' |
Tepha, Inc. | ' | ' | ' |
Related party transactions | ' | ' | ' |
License and royalty revenue | 149 | 149 | 444 |
Outstanding receivable | $51 | $75 | ' |
Preferred_Stock_Details
Preferred Stock (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred Stock | ' | ' |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value per share (in dollars per share) | $0.01 | $0.01 |
Preferred stock issued (in shares) | 0 | 0 |
Preferred stock outstanding (in shares) | 0 | 0 |
Common_Stock_Details
Common Stock (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2011 |
Common Stock Issuances | ' | ' | ' |
Number of shares of common stock issued in public offering | 7,130,000 | ' | ' |
Issuance price per share (in dollars per share) | $7.25 | ' | ' |
Net proceeds from public offering | $49,333 | ' | $49,333 |
Underwriting discounts, commissions and offering costs | $2,360 | ' | ' |
Warrants | ' | ' | ' |
Number of shares that can be purchased by warrants issued | ' | 4,086 | ' |
Exercise price of warrants issued to purchase shares of common stock (in dollars per share) | ' | $3.30 | ' |
Period of expiration of warrants from the lease term commencement date | ' | '10 years | ' |
Shareholder_Rights_Plan_Detail
Shareholder Rights Plan (Details) (USD $) | 0 Months Ended | 0 Months Ended | |||
Jul. 08, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 06, 2012 | Feb. 06, 2012 | |
Schuler stockholders | Schuler stockholders | ||||
Maximum | |||||
Shareholder Rights Plan | ' | ' | ' | ' | ' |
Number of preferred stock purchase rights distributed as dividend per common stock share (in shares) | 1 | ' | ' | ' | ' |
Minimum percentage of outstanding common stock to be acquired for rights to be exercisable | 15.00% | ' | ' | ' | ' |
Minimum percentage of common stock to be acquired in a tender or exchange offer for rights to be exercisable | 15.00% | ' | ' | ' | ' |
Shareholder rights plan | ' | ' | ' | ' | ' |
Maximum number of shares beneficially owned by Schuler Stockholders | ' | 34,581,449 | 34,306,570 | ' | 5,091,295 |
Percentage of the company's outstanding common stock deemed to be owned by Schuler Stockholders | ' | ' | ' | ' | 14.70% |
Common stock, par value per share (in dollars per share) | ' | $0.01 | $0.01 | $0.01 | ' |
Percentage of outstanding common stock up to which Schuler Stockholders are allowed to increase their beneficial ownership without becoming Acquiring Persons | ' | ' | ' | 19.99% | ' |
Aggregate percentage of outstanding shares of common stock which beneficial owner, affiliates, and associates of beneficial owner can own less than without triggering exercise of rights | ' | ' | ' | 20.00% | ' |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (Stock options, USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Joseph Shaulson | Joseph Shaulson | Joseph Shaulson | Joseph Shaulson | Joseph Shaulson | Minimum | Maximum | 1995 Plan | 2005 Plan | 2006 Plan | ||||
Option vesting on 2nd anniversary date | Option vesting on 3rd anniversary date | Option vesting on 4th anniversary date | |||||||||||
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Further grants or awards after termination of plan (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Options awarded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 907,679 | 1,619,134 | 8,677,227 |
Maximum number of shares issuable under the plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 |
Vesting period for options granted | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '4 years | ' | ' | ' |
Expiration period | '10 years | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting percentage | ' | ' | ' | ' | ' | 25.00% | 25.00% | 50.00% | ' | ' | ' | ' | ' |
Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period (in shares) | 5,579,042 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,941,008 |
Granted (in shares) | 1,654,315 | ' | ' | 1,150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in shares) | -7,550 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | -670,291 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired (in shares) | -354,087 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period (in shares) | 6,201,429 | 5,579,042 | ' | ' | ' | ' | ' | ' | ' | ' | 29,192 | 231,229 | 5,941,008 |
Vested and expected to vest at the end of the period (in shares) | 6,009,973 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable at the end of the period (in shares) | 3,913,834 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period (in dollars per share) | $6.68 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | $1.64 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised (in dollars per share) | $1.82 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per share) | $2.11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expired (in dollars per share) | $9.26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period (in dollars per share) | $5.68 | $6.68 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested and expected to vest at the end of the period (in dollars per share) | $5.79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable at the end of the period (in dollars per share) | $7.49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | '6 years 1 month 2 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested and expected to vest at the end of the period | '6 years 14 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable at the end of the period | '5 years 2 months 5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value of options granted (in dollars per share) | $1.14 | $1.46 | $5.02 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised | $2 | $15 | $81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 2) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Stock Options Outstanding | ' |
Number of shares | 6,201,429 |
Weighted average remaining contractual life | '6 years 1 month 2 days |
Weighted average exercise price per share (in dollars per share) | $5.68 |
Stock Options Exercisable | ' |
Number of shares | 3,913,834 |
Weighted average exercise price per share (in dollars per share) | $7.49 |
$1.27 - 1.48 | ' |
Stock-based compensation | ' |
Exercise price, minimum (in dollars per share) | $1.27 |
Exercise price, maximum (in dollars per share) | $1.48 |
Stock Options Outstanding | ' |
Number of shares | 240,400 |
Weighted average remaining contractual life | '9 years 7 months 24 days |
Weighted average exercise price per share (in dollars per share) | $1.41 |
Stock Options Exercisable | ' |
Number of shares | 15,610 |
Weighted average exercise price per share (in dollars per share) | $1.40 |
1.55 - 1.55 | ' |
Stock-based compensation | ' |
Exercise price, minimum (in dollars per share) | $1.55 |
Exercise price, maximum (in dollars per share) | $1.55 |
Stock Options Outstanding | ' |
Number of shares | 1,045,000 |
Weighted average remaining contractual life | '7 years 6 months 22 days |
Weighted average exercise price per share (in dollars per share) | $1.55 |
Stock Options Exercisable | ' |
Number of shares | 600,000 |
Weighted average exercise price per share (in dollars per share) | $1.55 |
1.56 - 1.69 | ' |
Stock-based compensation | ' |
Exercise price, minimum (in dollars per share) | $1.56 |
Exercise price, maximum (in dollars per share) | $1.69 |
Stock Options Outstanding | ' |
Number of shares | 1,038,479 |
Weighted average remaining contractual life | '6 years 8 months 8 days |
Weighted average exercise price per share (in dollars per share) | $1.68 |
Stock Options Exercisable | ' |
Number of shares | 358,018 |
Weighted average exercise price per share (in dollars per share) | $1.66 |
1.74 - 2.46 | ' |
Stock-based compensation | ' |
Exercise price, minimum (in dollars per share) | $1.74 |
Exercise price, maximum (in dollars per share) | $2.46 |
Stock Options Outstanding | ' |
Number of shares | 360,014 |
Weighted average remaining contractual life | '7 years 4 months 28 days |
Weighted average exercise price per share (in dollars per share) | $2.09 |
Stock Options Exercisable | ' |
Number of shares | 190,189 |
Weighted average exercise price per share (in dollars per share) | $2.11 |
2.66 - 2.66 | ' |
Stock-based compensation | ' |
Exercise price, minimum (in dollars per share) | $2.66 |
Exercise price, maximum (in dollars per share) | $2.66 |
Stock Options Outstanding | ' |
Number of shares | 866,949 |
Weighted average remaining contractual life | '6 years 7 months 6 days |
Weighted average exercise price per share (in dollars per share) | $2.66 |
Stock Options Exercisable | ' |
Number of shares | 380,256 |
Weighted average exercise price per share (in dollars per share) | $2.66 |
2.72 - 7.25 | ' |
Stock-based compensation | ' |
Exercise price, minimum (in dollars per share) | $2.72 |
Exercise price, maximum (in dollars per share) | $7.25 |
Stock Options Outstanding | ' |
Number of shares | 737,997 |
Weighted average remaining contractual life | '5 years 1 month 24 days |
Weighted average exercise price per share (in dollars per share) | $5.98 |
Stock Options Exercisable | ' |
Number of shares | 561,599 |
Weighted average exercise price per share (in dollars per share) | $6.21 |
7.31 - 9.77 | ' |
Stock-based compensation | ' |
Exercise price, minimum (in dollars per share) | $7.31 |
Exercise price, maximum (in dollars per share) | $9.77 |
Stock Options Outstanding | ' |
Number of shares | 668,092 |
Weighted average remaining contractual life | '5 years 3 months 4 days |
Weighted average exercise price per share (in dollars per share) | $8.95 |
Stock Options Exercisable | ' |
Number of shares | 602,927 |
Weighted average exercise price per share (in dollars per share) | $8.93 |
10.08 - 14.49 | ' |
Stock-based compensation | ' |
Exercise price, minimum (in dollars per share) | $10.08 |
Exercise price, maximum (in dollars per share) | $14.49 |
Stock Options Outstanding | ' |
Number of shares | 872,086 |
Weighted average remaining contractual life | '4 years 25 days |
Weighted average exercise price per share (in dollars per share) | $12.49 |
Stock Options Exercisable | ' |
Number of shares | 832,823 |
Weighted average exercise price per share (in dollars per share) | $12.42 |
14.53 - 23.99 | ' |
Stock-based compensation | ' |
Exercise price, minimum (in dollars per share) | $14.53 |
Exercise price, maximum (in dollars per share) | $23.99 |
Stock Options Outstanding | ' |
Number of shares | 342,412 |
Weighted average remaining contractual life | '3 years 8 months 19 days |
Weighted average exercise price per share (in dollars per share) | $18.86 |
Stock Options Exercisable | ' |
Number of shares | 342,412 |
Weighted average exercise price per share (in dollars per share) | $18.86 |
24.97 - 24.97 | ' |
Stock-based compensation | ' |
Exercise price, minimum (in dollars per share) | $24.97 |
Exercise price, maximum (in dollars per share) | $24.97 |
Stock Options Outstanding | ' |
Number of shares | 30,000 |
Weighted average remaining contractual life | '3 years 4 months 20 days |
Weighted average exercise price per share (in dollars per share) | $24.97 |
Stock Options Exercisable | ' |
Number of shares | 300,000 |
Weighted average exercise price per share (in dollars per share) | $24.97 |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 3) (Stock options, USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock-based compensation | ' | ' | ' |
Stock options granted (in shares) | 1,654,315 | ' | ' |
Non-employee | ' | ' | ' |
Stock-based compensation | ' | ' | ' |
Weighted average period over which unrecognized compensation expense is expected to be recognized | ' | '4 years | ' |
Stock options granted (in shares) | 0 | 0 | 34,500 |
Employee including members of the Board of Directors | ' | ' | ' |
Stock-based compensation | ' | ' | ' |
Stock-based compensation expense | 3,193 | 3,825 | 4,621 |
Stock-based compensation expense, net of estimated forfeitures, related to unvested awards not yet recognized | 3,544 | ' | ' |
Weighted average period over which unrecognized compensation expense is expected to be recognized | '2 years 7 days | ' | ' |
Assumptions used to determine fair value of stock options | ' | ' | ' |
Risk-free rate, minimum (as a percent) | 0.71% | 0.67% | 0.88% |
Risk-free rate, maximum (as a percent) | 2.05% | 1.15% | 2.38% |
Volatility, minimum (as a percent) | 84.00% | 84.00% | 77.00% |
Volatility, maximum (as a percent) | 85.00% | 87.00% | 80.00% |
Minimum | Employee including members of the Board of Directors | ' | ' | ' |
Assumptions used to determine fair value of stock options | ' | ' | ' |
Expected option term | '6 years | '5 years 3 months 18 days | '5 years 6 months |
Maximum | Employee including members of the Board of Directors | ' | ' | ' |
Assumptions used to determine fair value of stock options | ' | ' | ' |
Expected option term | '6 years 1 month 6 days | '5 years 6 months | '5 years 7 months 6 days |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of profit (loss) before provision for income taxes | ' | ' | ' |
Domestic | ($28,200) | $3,502 | ($38,872) |
Foreign | -2,295 | 72 | 30 |
Profit (loss) before taxes | -30,495 | 3,574 | -38,842 |
Deferred Tax Assets: | ' | ' | ' |
Net operating loss carryforward | 81,699 | 72,016 | ' |
Capitalization of research and development expense | 1,945 | 2,763 | ' |
Credit carryforwards | 8,118 | 7,024 | ' |
Depreciation | 2,403 | 2,603 | ' |
Non-Qualified Stock Options | 4,437 | 4,213 | ' |
Other temporary differences | 1,813 | 1,958 | ' |
Total deferred tax assets | 100,415 | 90,577 | ' |
Valuation allowance | -100,405 | -90,558 | ' |
Net deferred tax asset | 10 | 19 | ' |
Deferred Tax Liabilities: | ' | ' | ' |
Other temporary differences | -10 | -19 | ' |
Difference between income tax benefit computed at the federal statutory rate and the provision for income taxes | ' | ' | ' |
Federal income tax at statutory federal rate (as a percent) | 34.00% | 34.00% | 34.00% |
State taxes (as a percent) | 3.50% | 7.80% | 5.00% |
Permanent differences (as a percent) | -1.90% | 19.60% | -2.40% |
Tax credits (as a percent) | 2.70% | -10.50% | 2.40% |
State rate change on deferred balances (as a percent) | -0.40% | 3.10% | 1.40% |
Expiration of net operating losses and credits (as a percent) | -5.80% | 49.20% | -1.60% |
Other (as a percent) | 0.20% | 9.80% | 1.00% |
Change in valuation allowance (as a percent) | -32.30% | -113.00% | -39.80% |
Total (as a percent) | 0.00% | 0.00% | 0.00% |
Unrecognized tax benefits | 0 | 0 | 0 |
Accrued interest or penalties related to uncertain tax positions | $0 | $0 | $0 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Net operating loss carryforwards | ' |
Deduction related to the exercise of stock options | $19,213 |
Maximum period to audit for loss | '3 years |
Federal | ' |
Net operating loss carryforwards | ' |
NOL carryforwards | 236,705 |
State | ' |
Net operating loss carryforwards | ' |
NOL carryforwards | $148,783 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Tax credits | ' | ' |
Additional provision for income taxes related to the undistributed earnings | $0 | ' |
Additional tax liability as a result of the distribution of earnings which are expected to be permanently reinvested | 0 | ' |
Unremitted earnings | 273 | 252 |
Federal | Research and development | ' | ' |
Tax credits | ' | ' |
Available tax credits | 5,281 | ' |
State | Research and development | ' | ' |
Tax credits | ' | ' |
Available tax credits | 3,920 | ' |
State | Investment | ' | ' |
Tax credits | ' | ' |
Available tax credits | $86 | ' |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefits | ' | ' | ' |
Maximum contribution by participants under the 401(k) savings plan (as a percent) | 60.00% | ' | ' |
Employer's matching contribution in common stock as a percentage of a participant's total compensation | 4.50% | ' | ' |
Common stock issued under the 401(k) savings plan (in shares) | 267,329 | 179,336 | 68,558 |
Related expense for common stock issued under the 401(k) savings plan | $397 | $408 | $529 |
US_Department_of_Energy_Grant_
U.S. Department of Energy Grant (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
U.S. Department of Energy Grant | ' | ' | ' |
Multi-year grant agreement amount | ' | ' | $6,000,000 |
Prorated cost-sharing obligation amount | ' | ' | 3,900,000 |
Revenue recognized related to the multi-year grant agreement | $1,640,000 | $1,578,000 | $515,000 |
Restructuring_Details
Restructuring (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 |
Restructuring | ' | ' |
Restructuring charges recognized | $920 | ' |
Restructuring charges accrued | $0 | $0 |
Geographic_Information_Details
Geographic Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Geographic Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues to unaffiliated customers | $890 | $855 | $1,706 | $1,943 | $1,397 | $674 | $923 | $39,322 | $5,394 | $42,316 | $1,425 |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,394 | 42,316 | 1,425 |
Identifiable long-lived assets | 793 | ' | ' | ' | 1,358 | ' | ' | ' | 793 | 1,358 | 2,276 |
U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 4,222 | 42,136 | 1,300 |
Inter-geographic revenues | ' | ' | ' | ' | ' | ' | ' | ' | 928 | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,150 | 42,136 | 1,300 |
Identifiable long-lived assets | 752 | ' | ' | ' | 1,309 | ' | ' | ' | 752 | 1,309 | 2,185 |
Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 273 | 180 | 125 |
Inter-geographic revenues | ' | ' | ' | ' | ' | ' | ' | ' | 794 | 737 | 859 |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,067 | 917 | 984 |
Identifiable long-lived assets | 41 | ' | ' | ' | 49 | ' | ' | ' | 41 | 49 | 91 |
Germany | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues to unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 899 | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | 899 | ' | ' |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inter-geographic revenues | ' | ' | ' | ' | ' | ' | ' | ' | -1,722 | -737 | -859 |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | ($1,722) | ($737) | ($859) |
Geographic_Information_Details1
Geographic Information (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
item | |||
Revenue earned | ' | ' | ' |
Revenue earned from the REFABB grant | $2,490 | $1,971 | $918 |
Number of additional customers | 3 | ' | ' |
U.S. Department of Energy | ' | ' | ' |
Revenue earned | ' | ' | ' |
Revenue earned from the REFABB grant | $1,640 | ' | ' |
Percentage of total revenue | 30.00% | ' | ' |
Customer one | ' | ' | ' |
Revenue earned | ' | ' | ' |
Percentage of total revenue | 13.00% | ' | ' |
Customer two | ' | ' | ' |
Revenue earned | ' | ' | ' |
Percentage of total revenue | 12.00% | ' | ' |
Customer three | ' | ' | ' |
Revenue earned | ' | ' | ' |
Percentage of total revenue | 11.00% | ' | ' |
Summary_of_Quarterly_Financial2
Summary of Quarterly Financial Data (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of Quarterly Financial Data (unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $890 | $855 | $1,706 | $1,943 | $1,397 | $674 | $923 | $39,322 | $5,394 | $42,316 | $1,425 |
Income (loss) from operations | -8,618 | -7,242 | -7,857 | -6,785 | -9,520 | -7,743 | -7,957 | 28,823 | -30,502 | 3,603 | -38,861 |
Net income (loss) | -8,626 | -7,251 | -7,866 | -6,763 | -9,517 | -7,745 | -7,948 | 28,840 | -30,506 | 3,630 | -38,785 |
Basic net income (loss) per share (in dollars per share) | ($0.24) | ($0.21) | ($0.23) | ($0.20) | ($0.28) | ($0.23) | ($0.23) | $0.84 | ($0.88) | $0.11 | ($1.24) |
Diluted net income (loss) per share (in dollars per share) | ($0.24) | ($0.21) | ($0.23) | ($0.20) | ($0.28) | ($0.23) | ($0.23) | $0.84 | ($0.88) | $0.11 | ($1.24) |
Summary of quarterly financial data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred revenue recognized associated with termination of agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,885 | ' |
Commercial Alliance Agreement | Archer Daniels Midland | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of quarterly financial data | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred revenue recognized associated with termination of agreement | ' | ' | ' | ' | ' | ' | ' | $38,885 | ' | ' | ' |